Alaska 2021-2025 Form
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Who qualifies for AOTC?
Undergraduate students enrolled full-time or half-time in a degree or credential program are eligible to receive the AOTC for four years. Available to students earning less than $90,000 and joint-filers earning less than $180,000 in income.
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How does the 1098-T help with taxes?
The information in your 1098-T will help you or your tax adviser determine whether you are eligible for the federal government's American Opportunity tax credit and/or Lifetime Learning credit.
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What is the Alaska Education Tax Credit Program?
The Alaska Education Tax Credit (ETC) program, administered by the Department of Revenue, gives tax credits (50% of the contribution) to third party entities that make charitable donations (of either cash or equipment) for the purpose of education in the state.
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What is the IRS form for tuition credit?
The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.
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What is the federal tuition credit form?
The 1098-T, Tuition Statement form reports tuition expenses you paid for college tuition that might entitle you to an adjustment to income or a tax credit. Information on the 1098-T is available from the IRS at Form 1098-T, Tuition Statement.
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Who claims the 1098-T student or parent?
If you claim a dependent, only you can claim the education credit. Therefore, you would enter Form 1098-T and the dependent's other education information in your return. If you do not claim a dependent, the student can claim the education credit.
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