Below you will find a summary of important education credits and deductions to be aware of when completing your 2011 Federal Income Tax Return. Please note for 2011, the Hope credit is not available. However, you may be able to claim an American opportunity or lifetime leaning credit.
The American Opportunity Tax Credit This credit offers a federal tax credit up to $2,500 credit per eligible student. Available only for the first four years of postsecondary education. Qualifying education expenses include tuition and fees and the costs of required course materials, such as books and supplies. IRS publication 970, Chapter 2.
The Lifetime Learning Credit You may be able to claim a lifetime learning credit for up to $2,000 for qualified education expenses paid. There is no limit on the number of years the lifetime learning credit can be claimed for each student. Please note you cannot claim a lifetime learning credit and an American Opportunity credit based on the same qualified education expenses. IRS publication 970, Chapter 3.
Student Loan Interest Deduction Student loan interest is interest you paid during the year on a qualified student loan. It includes both required and voluntary interest payments. To help you determine your student loan interest deduction you should receive From 1098-E from you lender. IRS Publication 970, Chapter 4.
For a complete list of the rules and regulation of tax benefits for education, please refer to IRS Publication 970.
1098-T Forms Your 2011 1098T form has been mailed to your legal home permanent address on file. This form will indicate how much required Tuition and Laptop Fees were charged for the 2011 calendar year, as well as any grants or scholarships received. It will not list payments.
To obtain payment information please log on to your my.msoe.edu account and print your account history for reference.
Select STUDENT ACCOUNT INFO (Located on the left hand side of the screen)
Click on MY ACCOUNT BALANCES
Click on $0.00 Due
Your account history will be displayed.
Print for your use and reference.
Please keep in mind that the Student Accounts Office cannot give out any financial information over the telephone with regards to the 1098-T information. We encourage you to utilize the website for your immediate convenience regarding any 2011 payment information.
If you have any questions, please contact the Student Accounts Office at (414) 277-7130.