The federal government has established two tax credits intended “to help you offset the costs of higher education by reducing the amount of your income tax. They are the American opportunity credit and the lifetime learning credit.” (IRS Publication 970). Additional information concerning these tax credits may be obtained from the following sources:
In order to assist taxpayers in claiming these tax credits Washburn University annually provides each enrolled student with a 1098-T form that supplies part of the information required to complete the necessary tax forms. The 1098-T form is mailed before the end of January by ECSI, a firm Washburn uses to assist in complying with 1098-T requirements. Additional copies are available on the Financial Services tab of MyWashburn.
Box 2 Amounts billed for qualified tuition and related expenses
Box 4 Adjustments made for a prior year
Box 5 Scholarships or grants
Box 6 Adjustments to scholarships or grants for a prior year
Additionally, there may be information regarding the student's enrollment status during the tax year.
Please be aware that Washburn University cannot give tax advice. We refer taxpayers to the IRS or a qualified tax professional who understands IRS regulations and the taxpayer’s individual circumstances.