Tax Information and Benefits

Tax Benefits for Education

For information about the American Opportunity Tax Credit, the Hope and Lifetime Learning Credits, the Tuition and Fees Deduction and more tax benefits for education, please review the information on the IRS website.

Taxpayer Relief Act of 1997 (TRA 97) Form 1098-T

Overview of 1098T and common questions

The Taxpayer Relief Act of 1997 (TRA 97) provided new tax benefits for taxpayers who are paying for certain post-secondary educational expenses. As part of the TRA 97 legislation, eligible educational institutions were required to submit certain information about their students on a Form 1098-T. Beginning in tax year 2003, these institutions were also required to report amounts pertaining to qualified tuition and related expenses, as well as scholarships and/or grants.  Schools choose to use either Box 1 (Payments Received) or Box 2 (Amounts Billed).  MHC uses Box 2. Mount Holyoke College has contracted with Educational Computer Systems, Inc. (ECSI) to complete the processing of Form 1098-T forms.

We hope that the 1098-T Frequently Asked Questions will assist you. Any additional questions, please call Deborah Johnson, at 413-538-2253.

Please direct any questions related to your eligibility for tax benefits to your tax advisor or the Internal Revenue Service as Mount Holyoke College is not in a position to give tax advice or tax preparation assistance.