Education Tax Credits

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American Opportunity Credit

The American Recovery and Reinvestment Act of 2009 (ARRA), passed earlier this year by Congress, includes a number of tax related provisions currently being implemented by the IRS. One of these provisions is the American Opportunity Credit, which provides a tax credit for some taxpayers to help pay for college expenses. For more information on the American Opportunity Credit, go to http://www.irs.gov/newsroom/article/0,,id=211309,00.html.

Rhodes College 1098-T Supplemental Information

The 1098-T contains important income tax information that is furnished to the Internal Revenue Service.

Form 1098-T is furnished to assist you and your tax preparer in calculating any education tax credits that you may be eligible for and completing Form 8863 which attaches to your tax return. This form reports the qualified tuition and related expenses billed to you by Rhodes College during the calendar year that ends December 31. Under Internal Revenue Code Section 25A, you may be eligible to claim an education tax credit for qualified tuition and related expenses actually paid during the tax year. Form 1098-T will be mailed to all qualifying students no later than January 31 of the following year.

This form also reports the amount of scholarships or grants that you have received during the tax year. You may not be able to claim a tax credit for the entire amount of qualified tuition and related expenses paid by you during the year since these scholarships or grants will have reduced the amount you paid.

Please note: Rhodes College does not provide tax or legal advice. The decision as to whether you qualify for an education tax credit should be determined in consultation with your personal tax advisor or the Internal Revenue Service. Rhodes College cannot make this determination for you. For questions on the amounts shown on Form 1098-T, call Rhodes Express at 901-843-3278.