Tax Benefits for Education

Paying for your education can be a challenge and we want you to take advantage of every benefit available for the financial commitment you have made.  The federal government offers several income tax benefits for education costs, including the American Opportunity Credit and the Lifetime Learning Credit.  These are available to students who paid tuition at a post-secondary school in a degree program in the tax year, subject to IRS rules.  Also, once you have completed your education, you might also be eligible to deduct the cost of interest paid on your student loans.

Annually, Colgate Rochester Crozer Divinity School will report to the IRS the amount of tuition and fees (subject to IRS rules) a student was charged during the tax year along with any scholarships and grants the student received (using the government’s formula).  A 1098-T form will be delivered electronically, if a student opts in, or mailed to each student’s permanent address as long as you have a valid social security number on file and qualify per IRS regulations.

The 1098-T, along with your copy of your Colgate Rochester Crozer Divinity School billing statements, should be used by your tax preparer to determine your eligibility for a tax credit.

Because each taxpayer’s circumstances vary, we cannot provide tax advice or assistance related to the credit or how to claim the credit but will be here to assist you in locating helpful resources.

As required by law, your 1098-T statement will be delivered electronically or mailed by January 31st of the following year to all qualifying students, per IRS regulations.

Information on electronic 1098-T forms and retrieval system may be found at this link.