Education Tax Credit Benefits


A full explanation of education tax benefits can be found in the IRS Publication 970, Tax Benefits for Higher Education, which is available on the IRS web site [pdf] or by calling 1-800-829-3676 (1-800-TAX-FORM).

All post-secondary educational institutions that receive qualified tuition and related expense payments must provide enrolled students with an IRS Form 1098-T by January 31 for the previous tax year, reflecting the following information:

  • Name, address, and Social Security Number of the student
  • Name, address, contact telephone number, and employer ID of the College
  • Box 2 - Amount of qualified tuition and related expenses billed by the College
  • Box 4 - Adjustments (decreases) to amount reported in Box 2 in a previous year
  • Box 5 - Amount of scholarships and grants administered and processed by the College
  • Box 6 - Adjustments (decreases) to amount reported in Box 5 in a previous year
  • Box 7 - The box is checked if the amount in Box 2 includes amounts for an academic period beginning January-March of the following tax year
  • Box 8 - The box is checked if the student attended Bowdoin College at least half time during the year

Whether a taxpayer may take advantage of these benefits depends on a taxpayer's individual facts and circumstances.

Bowdoin College cannot provide legal or tax advice.  Please refer to IRS Publication 970 or consult a personal tax advisor.