Lifetime Learning Tax Credit provides a credit of up to $2,000 per year for students who take one or more classes from a college or university to pursue an undergraduate or graduate degree, certificate, or to acquire or improve job skills. This credit can be claimed for as long as the student is enrolled in an eligible educational institution.
The University of South Florida will make the 1098-T available for printing in OASIS by January 31 each year. The data reported on the 1098-T can be found on
Tuition and Fees - Tax Notification.
The 1098-T form provides information for students when claiming an education tax credit against their Federal Income tax liability. The University of South Florida reports (box 2) the total amounts billed for qualified tuition and related expenses less any related reductions for the tax year. It excludes charges for the tax year Spring semester if a student registered for credit courses in December prior to the tax year. Likewise, it included charges for the Spring semester post tax year if a student registered for credit classes in December. The tuition is also reduced by Transportation and Health fees billed. The 1098-T also reports (box 4) any scholarships, grants, waivers or sponsor amounts that were received by the student during the year. The University of South Florida does not report student payments made during tax year on the 1098-T form; payment detail can be found on OASIS under Account Summary by Term. Additional information: FAQs
To calculate your tax credit, refer to your own records and consult IRS Publication 970 and/or Form 8863 (Education Credits (American Opportunity and Lifetime Learning Credits). You do not file Form 1098-T with your tax return.
Your personal financial records serve as the official supporting documentation for your federal income tax return.
To withdraw consent to receive IRS form 1098T electronically for future tax years, you must complete request form located here.