Students may have an opportunity for tax savings through the American Opportunity Credit or Lifetime Learning Tax Credit. These two tax credits are based on qualified education expenses paid to Virginia Commonwealth University.
To help determine how much credit can be claimed, select the “account detail for term” option in eServices. Refer to IRS Publication 970 for additional assistance in determining how these awards should be reported.
The Student Accounting Department does not offer tax advice. For further questions concerning either tax credit, consult with a tax professional.
In January, the Student Accounting Department will issue 1098-T tuition statements to eligible students. Students can also access a copy of this form through the “tax notification” option under “student accounts” in eServices.
Prior to 2019 (tax year 2018) educational institutions could report either the amount billed or the amount paid on the 1098-T forms. VCU reported the amount billed for the calendar year (Jan. 1 through Dec. 31). Beginning with the tax year 2018, VCU reported the amount paid during 2018 towards charges billed in calendar year 2018. Many students participate in advance registration for the spring semester. The charges are billed in December for the upcoming spring semester resulting in the spring charges being calculated on the previous year’s 1098-T form. Box 1 may be empty if the charges for the spring semester were billed during the previous year and the payment was made during the subsequent tax year. Students can select the “Account Detail for Term” option in eServices to view their account information, which may help them determine the amount of the credit that can be claimed on their behalf.