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Update August 17:

To learn more about MIT’s changes to the fall 2020 cost of attendance as well as the Covid-era grant, please see our 2020 financial support page and our expanded FAQ page. You can also read more about the evolving policies and other key questions related to MIT’s COVID-19 response.

Is my family eligible for tax benefits?

You are eligible to claim federal income tax credits for money you pay out of pocket or borrow for qualified tuition and related expenses for your dependent child, yourself, or other qualified family members.

Form 1098-T is an informational tax document prepared by colleges and universities to report payments of qualified tuition and related expenses, as well as scholarships and grants that are paid out during the calendar year. We issue the 1098-T form only to degree-seeking students whose scholarships and grants do not exceed qualified tuition and related expenses for the calendar year.

Your 1098-T is available on MITPAY by January 31 for each qualifying calendar year. You will need to provide MIT with your social security number or tax identification number in the biographical data section of WEBSIS.

Please note that we are not able to provide tax advice; we provide this information solely for informational purposes.

For more information on education tax incentives, including the American Opportunity Tax Credit and Lifetime Learning Credit, we recommend that you consult a qualified tax advisor. You can also contact the IRS help line at 800-829-1040 or read Tax Benefits for Higher Education, prepared by the IRS.

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