Under the American Recovery and Reinvestment Act (ARRA), parents and students may qualify for an IRS education tax credit to help pay for qualifying college expenses. The new credit modifies the existing Hope credit for tax year 2010, making it available to a broader range of taxpayers. The IRS education tax credit is limited by the amount of your income and the amount of your tax. For complete information about IRS education tax credits, see the current versions of IRS Publication 970: Tax Benefits for Education, Form 8863: Education Credits, and Form 1040 or 1040A. Instructions are available at www.irs.gov, or consult your tax advisor. Please understand the College does not provide tax advice.
Oakton students who paid tuition and fees for a degree program will receive a completed IRS 1098-T Form from Oakton, which may be used to claim the IRS education tax credit. This form will include tuition and fee information, and scholarships and/or grants awarded to the student (if any). The IRS will also receive the same information for their records. In accordance with the IRS reporting requirements, the College will not issue a 1098-T form for noncredit classes or nonresident alien students, unless requested.