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How to do taxes: Credits and deductions

Please note that these deductions and credits pertain to the 2017 tax year. We will update them if and as things change for the 2018 tax year. 

Tuition and Fees Deduction

The tuition and fees deduction can reduce the amount of your taxable income by up to $4,000. You will need to complete Form 8917 to claim this deduction.

Student Loan Interest Deduction

If you are already in student loan repayment and your modified gross income is less than $80,000, there is a deduction allowed for paying interest on that loan. You cannot claim a student loan interest deduction on the 1040-EZ.

  • The 1098-E forms are student loan interest statements that are sent directly to you from your lender if you have paid $600 or more during the tax year. If you have questions, please contact Campus Partners/Heartland-ECSI at 800-334-8609.

American Opportunity Tax Credit (AOTC)

This tax credit can help pay for the first four years of college if you attend at least half time. The AOTC provides up to $2,500 per student per year, or up to $10,000 over four years.

Lifetime Learning Tax Credit (LLC)

The LLC can help pay for any level of college or education that advances job skills. It provides up to $2,000 per tax return per year.

Important: To claim either of the above tax credits, you must file a Form 1040 or Form 1040-A and complete Form 8863. The 1098-T provides information needed to complete Form 8863.