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Baylor BU One Stop Student Financial Services Resources & Forms Helpful Links Education Tax Benefits
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Education Tax Benefits

The following information is not provided as legal or tax advice. Individuals should refer to the most recent IRS Publication 970, Tax Benefits for Higher Education [PDF] [HTML], consult with a qualified tax professional, and/or contact the IRS Taxpayer Assistance line at 1-800-829-1040 with regards to any credit or deduction claimed on a personal tax return.

American Opportunity Credit

You may be able to take a credit of up to $2,500 for qualified education expenses paid for each student who qualifies for the American Opportunity Credit. This credit equals 100% of the first $2,000, and 25% of the next $2,000 of qualified expenses paid for each eligible student. The full amount of the credit is subject to certain income limitations.

Lifetime Learning Credit

The Lifetime Learning Credit may be available to taxpayers who pay higher education costs but are not eligible to claim the American Opportunity Credit. The credit is equal to 20% of the first $10,000 of tuition and required fees paid each year (for all students in the family) with a maximum credit of $2,000.

Student Loan Interest Deduction

This deduction is available to individuals paying interest on student loans used for higher education and it can reduce the amount of your income subject to tax by up to $2,500.

Form 1098-T

In order to help you determine your eligibility for an education credit or tuition deduction, Baylor provides a Form 1098-T for each calendar year. In years prior to 2018, your 1098-T included a figure in Box 2 that represented the qualified expenses that were billed to your student account during the calendar year. Due to a change in reporting requirements under federal law, beginning with tax year 2018, Baylor reports in Box 1 payments received during the year for qualified expenses.

Students may view their 1098-T tax statement in the E-Bill System from the home page or under eStatements. Click here for additional information and frequently asked questions about the Form 1098-T.

Other IRS Links
International Revenue Service
IRS Interactive Tax Assistant

Still Need Help? Baylor One Stop is here for you

Visit

Bill Daniel Student Center (SUB), Third Floor
1311 S. 5th St.
Waco, TX 76706

Monday: 9:00 a.m. - 4:00 p.m.
Tuesday: 9:00 a.m. - 4:00 p.m.
Wednesday: 9:00 a.m. - 4:00 p.m.
Thursday: 9:30 a.m. - 4:00 p.m.
Friday: 9:00 a.m. - 4:00 p.m.

Call

Financial Aid Questions: 254.710.2611
Student Account Questions: 254.710.2311

Please have your Baylor ID number ready when you call.

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Baylor University
Baylor One Stop
One Bear Place #97028
Waco, TX 76798-7028

Baylor BU One Stop Student Financial Services Resources & Forms Helpful Links Education Tax Benefits
  • Apply for Aid
    Back
    • Incoming Freshman/Transfer
    • Current Undergraduate
      Back
      • Study Abroad
      • Summer Aid
    • Graduate/Professional
    • International
    • Financial Aid Timelines
    • Wintermester
  • Types of Aid
    Back
    • Scholarships
      Back
      • Incoming Freshman Merit-Based Scholarships
      • Transfer Merit-Based Scholarships
      • Current Undergraduate Scholarships
      • Specialty Baylor Awards
      • Graduate Awards
      • Outside/Private Scholarships
    • Grants
    • Work-Study
    • Loans
      Back
      • Undergraduate Student Loans
      • Parent Loans
      • Graduate & Professional Student Loans
      • Law Student Loans
      • MBA/OMBA Student Loans
      • International Student Loans
      • Health Profession Loans
  • Cost & Payment
    Back
    • Tuition & Other Fees
      Back
      • Tuition
      • Meal Plans
      • Housing
      • Optional Fees
      • Student Licensure, Credential and First Certification Costs
    • Cost of Attendance (COA) Calculator
    • Billing Process
      Back
      • View Bill
      • Payment Due Dates
      • Authorized User Access
      • Add/Drop Tuition Refunds
      • Cancellation/Withdrawal
    • Payment Options
      Back
      • Payment Plans
      • Personal Payments
      • College Savings & Pre-Paid Tuition Plan
      • International Payments
    • Refunds & Direct Deposit
    • Baylor University + BankMobile Disbursements
    • Net Price Calculator
    • Estimate Your Bill and Costs
  • Resources & Forms
    Back
    • Appeals
    • Financial Aid Process
      Back
      • Revised Financial Aid Offers
      • Student Responsibilities
    • Financial Aid TV
    • FAFSA Tips and Updates
    • Forms
    • Helpful Links
    • Loan Collections
    • Verification
    • 1098-T
  • Consumer Information
    Back
    • Financial Aid Consumer Information
    • Family Educational Rights & Privacy Act (FERPA)
    • HEOA Student Consumer Information
    • Satisfactory Academic Progress
    • Resources to Help You Meet SAP
    • Title IV Credit Authorizations
    • Emergency Relief Funds (CARES Act, HEERF II, ARP/HEERF III)
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