Educational Tax Credits
Tax Credits Save Money
The Taxpayer Relief Act of 1997 (TRA) created the Hope Scholarship and Lifetime Learning tax credits to help families meet the cost of a college education.
What is the Hope Scholarship tax credit?
A tax credit of up to $1,500 for the first two years of post-secondary education for students who are enrolled at least half-time in one academic period during the tax year.
The credit applies to the first $1,000 of tuition and eligible fees, and half of the next $1,000 of tuition and eligible fees.
What is the Lifetime Learning tax credit?
This credit applies to eligible tuition and fees for undergraduate, graduate and continuing education course work paid on or after July 1, 1998. A family can claim a tax credit of up to 20 percent of $5,000 in educational expenses, up to a maximum credit of $1,000 each tax year.
How will PCC help?
A form 1098-T is mailed January 31 each year to students who were enrolled in credit and CEU courses. If you plan to claim an educational tax credit, your social security number is required. An electronic copy of your 1098-T will be available for viewing online via the "My Records" link on the MyPCC Home tab.
Caution!
The fees reported may not be eligible in your situation. To determine which fees are eligible for you, please consult a tax advisor. PCC cannot help with tax-related questions. Further information on the Hope Scholarship and Lifetime Learning tax credit is available through the IRS website, Publication 970. Additional information on the treatement of educational tax credits by the State of Oregon is available through the Oregon Department of Revenue.