Education Tax Credits & 1098-T
You or your parents may be eligible to reduce your federal income tax liability by claiming a Hope Scholarship Credit or Lifetime Learning Credit. These tax credits are a part of the Taxpayer Relief Act of 1997 (TRA 97), which allows eligible taxpayers to claim a tax credit against their federal income tax for qualified educational expenses. In 2009, the Hope Scholarship tax credit was renamed the American Opportunity Tax Credit.
1098-T tax reporting forms are the IRS tax documents that universities are required to send to eligible students annually. The information on this form is used to determine eligibility for the American Opportunity Tax Credit. CSU annually emails eligible students in mid-January when this information is available on their RAMweb under the Tax Information link. Students who have not given electronic consent will will also receive the 1098-T form at their current mailing address before January 31 each year.
Students can grant 1098-T access to parents or other trusted individuals through RAMweb by navigating to the records page of RAMweb and selecting FAMweb from the student record options. If there is already access for billing information, grades, schedules, etc., check the Tax Information box. You may also add a parent or trusted individual to your FAMweb access list and then check the box for Tax Information.
Colorado State University staff does not provide tax advice. We urge you to learn more about these tax credits by consulting with your tax advisor or by reading IRS Publication 970.