Education credits can help with the cost of higher education expenses. Currently there are two education credits available: the American Opportunity Tax Credit and the Lifetime Learning Credit.
Western Piedmont Community College does not offer tax advice. For additional information, please contact your tax preparer, call the IRS Help Line at (800) 829-1040, or refer to IRS Publication 970, Tax Benefits for Higher Education.
A Form 1098-T is an information return reporting qualified education expenses for each eligible student during the calendar year. Qualified education expenses will reflect any amount invoiced to your account from January 1 to December 31 of the tax year, not the amount paid. Box 7 will be checked on the form showing that your amount in Box 2 includes amounts for terms beginning in the first 3 months of the next year. However, the amounts in Box 2 may be different from what you actually paid.