1098-T and Income Tax Credit
If you are enrolled in an eligible degree or certificate program, or are taking courses to acquire or improve job skills, you may qualify for a Hope Scholarship or Lifetime Learning Tax Credit. Tax credits are based on the amount of qualified tuition and fees, less grants and other tax-free educational assistance and the taxpayer's adjusted gross income.
Hope Scholarship tax credit is available only to students in their first two years of post-secondary education who are enrolled at least half-time in an eligible program.
Lifetime Learning tax credit is available to students at all educational and enrollment levels that are enrolled at an eligible educational institution.
For complete information on the Hope Scholarship and Lifetime Learning Credit see see IRS Publication 970 Tax Benefits for Education
IRS Form 1098-T (Tuition Statement)
Pacific conducts business electronically; such activity is comprised of online registration, student account billing, financial aid, direct deposit, transcript and grade retrieval, email and 1098-T forms. As part of the online registration process, students opt to allow Pacific to provide the IRS Form 1098-T (Tuition Statement) electronically by January 31st each year, as required by the IRS. The 1098-T reflects eligible tuition charges posted to their student account for the prior calendar year. Amounts reported on the 1098-T are based on the date the transactions were posted to the student account.
1098-T information for previous years is available to students through insidePacific To access forms, choose Academic tab > Academic Services > Student Services > Student Records > Tax Notification > Enter the Tax year (2012). In the same area where you can view Academic Transcripts and Final Grades.
For complete information review the IRS' Frequently Asked Questions (FAQ)
Pacific's sole responsibility regarding the Hope Scholarship and Lifetime Learning tax credits is to furnish Form 1098-T to students incurring tuition and related expenses. It is not responsible for, and is prohibited by law, from giving tax advice. Taxpayers should contact their tax advisor or the Internal Revenue Service for guidance.