The Taxpayer Relief Act provides students with tax incentives to help finance their college education.
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Please note that the IRS has changed reporting requirements starting with the 2018 tax year. For information on the new requirements please click here.
Information regarding these tax benefits, IRS form 1098T, will be mailed to eligible Stonehill students in January of each year for the prior tax year.
Stonehill College staff members are not tax professionals and given the complexity of the tax code, we unfortunately cannot provide tax advice or determine your eligibility for education tax benefits. We can provide you with information about your Stonehill account, which you may need to determine your eligibility for tax benefits.
Student account history and a copy of the 1098 T can be viewed on myHill
- Current students can access their bill and 1098T through myHill under Students > Finances> View 1098T or MyBill for an account history
- Student-assigned Authorized Users* can access student account history at www.stonehill.edu/paymentplan
- *Click here for instructions on creating an authorized user.
IRS Form 1098-T and Educational Tax Credit Information
A 1098-T is a statement of payments made for qualified tuition and related expenses that were billed to your student account and grants or scholarships received during the calendar year. The 1098-T does not indicate your eligibility for tax benefits; rather, it provides you with information about your account which you or your tax preparer may use to determine your education tax benefit eligibility.
Many students and families report that in order to determine their education tax benefit eligibility, they need 1098-T statements from the current and prior calendar years and records of other qualified expenses and records of payments made. For more information, we encourage you to visit The IRS 1098T site or consult your tax advisor.
American Opportunity Credit
- provides up to $2500 in tax credits for eligible expenses
- tax credit equals 100% of the first $2000 and 25% of the next $2000 of qualified expense paid for each eligible student
- student has not completed the first 4 years of postsecondary education as determined by the eligible educational institution
- student enrolled in a program that leads to a degree, certificate, or other recognized educational credential
- student taking at least one-half the normal full-time workload for his or her course of study for at least one academic period during the tax year
- student has not been convicted of a felony for possessing or distributing a controlled substance
- phased out for higher income brackets
Lifetime Learning Credit
The Lifetime Learning Credit provides up to $2000 in tax credits for tuition and fees required for enrollment
- may be claimed annually (without limits) for such expenses paid during the tax year for ALL eligible students on a tax return who are enrolled in eligible institutions
- tax credit equals 20% of the first $10,000 paid for all eligible students in the family
- tax credit can be claimed by the student or by the taxpayer who claims the student as a dependent on his/her federal tax return
- for students at any level of postsecondary education, even graduate school, whether the student is taking 1 course or more per semester or year student need not be working towards a particular degree or certificate
- phased out for higher income brackets
- can be claimed only if for student is not eligible for the American opportunity in the same tax year
Higher Education Tuition & Fees Deduction
Taxpayers not eligible for Lifetime Learning Credit may be eligible for the Higher Education Tuition and Fees Deduction. You claim the deduction by completing Form 8917 and submitting this along with your or 1040.
Note: The information published here was taken from the Instructions for IRS Form 8863.