Each student who was enrolled half time or more during the tax year will receive a 1098-T form. The 1098-T forms are posted online by January 31 and can be accessed at:
- Go to myaccount.biola.edu and click on the "Student Financials" tab in the left hand menu
- Click on the "1098-T Tax Information" option and follow the instructions listed
Tax Credits: A tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a tax credit directly reduces the tax itself. While a tax credit may be available to you, there are restrictions as to who is eligible. Each taxpayer should consult the IRS or a tax advisor. Biola University cannot provide tax advice.
American Opportunity Credit: For the tax year, you may be able to claim an American opportunity credit of up to $2,500 for qualified education expenses paid for each eligible student. This credit may be used for a maximum of 4 years per eligible student, including any tax years that you claimed the Hope credit for the student. This credit is limited by the amount of your income.
Lifetime Learning Credit: For the tax year, you may be able to claim a lifetime learning credit of up to $2,000 for qualified education expenses paid for an eligible student. There is currently no limit on the number of years the lifetime learning credit may be claimed for each student. It is available for all years of postsecondary education and for courses to acquire or improve job skills. It is limited by the amount of your income.
Hope Credit: The Hope Credit was discontinued in 2012.
General information is available from the Accounting Office by email at firstname.lastname@example.org by calling (562) 903-4760.
Further information can be found in IRS Publication 970 (PDF format). The IRS may be reached at 1/800-829-1040 and you can visit their website at www.irs.gov.