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If you are taking classes for college credit, you may be able to reduce your federal income tax, thanks to the Taxpayer Relief Act of 1997 (TRA).
American Opportunity Credit and Lifetime Learning Credit
The TRA created two education tax incentives:
For more information about these tax incentives:
Getting Your 1098-T Form
The colleges of DCCCD annually provide the 1098-T form to students who enrolled in credit classes during the tax year as prescribed by IRS regulations. The 1098-T shows the amount of tuition paid for credit classes by you or by financial aid you received during the tax year, as well as the amount of financial aid you received during the tax year. Your 1098-T form will be available by Jan. 31 each year.
Change effective with the 2013 1098-T form: If the total amount of the financial aid, grants, sponsorships, waivers and/or exemptions you received during the year for credit enrollment exceeded your credit tuition cost, you will not be issued a 2013 Form 1098-T. Visit the IRS website for more information about when a Form 1098-T is not required to be issued.
There are three ways you can get your 1098-T form:
For More Information
See 1098-T Forms: Frequently Asked Questions for answers to some of the common questions students have.