Note: This information is provided for your convenience. Florida State College at Jacksonville cannot assist you in determining your tax credit deduction. You should always contact your tax advisor or Internal Revenue Service (IRS) publications for tax information.
Florida State College at Jacksonville will issue a 1098-T form to each student paying qualified tuition and related expenses for the tax year required. These statements will be available by January 31. It is the student's responsibility to seek tax advice and determine whether the amount listed on the 1098-T tax form can be claimed as a tax credit.
1098-T tax forms for 2020 can be accessed in myFSCJ, “My Finances,” “Student Center,” go to the Finances section drop down box, select “View 1098-T”, and select the Go icon. 1098-T tax forms for 2019 and years prior can also be found through your Student Center. If you have questions, please read the 1098-T FAQ.
Taxpayers may be eligible to claim a non-refundable American Opportunity Tax Credit against their federal income taxes. A taxpayer may claim the credit if qualified tuition and related expenses are paid for an eligible student. An American Opportunity Tax Credit eligibility student could be the taxpayer, a spouse, or a dependent whom the taxpayer claimed as an exemption. The credit can be claimed for each qualified student in the household. Eligible students must be enrolled at least half time in one of the first two years of post-secondary education and enrolled in a program leading to a degree, certificate or other recognized educational credential.
The amount a taxpayer may claim is calculated as 100 percent of the first $2,000 paid and 25 percent of the next $2,000. For most taxpayers, the maximum amount that can be claimed in a given year is $2,500. The maximum amount is gradually reduced for single taxpayers with adjusted gross incomes in excess of $80,000 and married $160,000.
Unlike the American Opportunity Tax Credit, the Lifetime Learning Credit is per tax return. The Lifetime Learning Credit is available for all years a student is enrolled in postsecondary education. Eligible students are not required to be enrolled in a program leading to a degree or certificate.
The amount a taxpayer may claim is equal to 20 percent of the first $10,000 of out of pocket qualified tuition and related expenses. The maximum credit allowed is $2,000 per return.
For additional information on educational credits, review IRS Publication 970 — Tax Credits For Higher Education.
International students, who are determined not to be substantially present in the United States will be required to have withholding taxes taken out of any aid received beyond the cost of tuition and books for the year. These students will receive a 1042-S in the mail at the beginning of February to use when filing their taxes with the Internal Revenue Service. For additional information on the rules and regulations and who will get a 1042-S, please see IRS Publication 515 and Publication 519.