Millions of students miss out each year on education tax breaks
. Columbia College Chicago has partnered with Illinois Congressman Danny K. Davis to raise awareness of these important benefits. Take Your Break. See if you qualify. go.usa.gov/Jvej
Higher Education Tax Benefits.
For a summary of Higher Education Tax Benefits for which you may be eligible, visit the IRS Tax Benefit Information Center
Some of the Higher Education Tax Benefits include but are not limited to:
- American Opportunity Credit
- Hope Credit
- Lifetime Learning Credit
- Tuition and Fees Deduction
- Coverdell Education Savings Account
- Consult a tax advisor to determine your eligibility for tax incentives.
- Columbia College Chicago will issue an annual 1098-T to assist with reporting the American Opportunity/Hope Credit and Lifetime Learning tax credits on your tax return. Call 877.467.3821 or visit www.1098t.com for more information.
- Scholarships and grants that exceed the cost of tuition, fees, books, and supplies are considered taxable income to the student by the IRS. It is the student’s responsibility to maintain records in order to determine potential tax liability.
- Federal Work-Study earnings received during in-school sessions are not subject to FICA withholding but are subject to federal and state income taxes. You will be issued a W-2 by January 31st.