Income Tax Credits

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 and parents who paid tuition at a post-secondary school 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,Philadelphia Technician Training Institute will report to the IRS the amount of tuition each student paid during the tax year (using the government’s formula).  A 1098-T form will be mailed to each student permanent address as long as you have a valid social security number on file.

The 1098-T, along with your copy of your Philadelphia Technician Training Institute 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 mailed by January 31st of the following year.

Related Links:

 

American Opportunity Credit

Lifetime Learning Credit

Student Loan Interest Deduction

Internal Revenue Service (IRS) Main Page

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