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There is no limit on the number of years you can claim the credit. It is worth up to $2,000 per tax return.
You can file form1098-T for more than four years. However, after the first four years the most beneficial education credit (the American Opportunity Credit) will be used up. After that, youll be able claim the Lifetime Learning Credit or the Tuition and Fees Deduction.
Your college or career school will provide your 1098-T form electronically or by postal mail if you paid any qualified tuition and related education expenses during the previous calendar year.
American Opportunity Credit (1098-T) It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.
You can receive the 1098-T form electronically by following the steps below: Log onto your GET account. Click on Student Center. In the Finances section click on View 1098-T, click on GO. Select the Tab Account Services, click GRANT CONSENT button.
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If you forgot to enter your 1098-T and are not going to claim the education credit AND did not have taxable scholarship income (scholarships that exceeded the tuition paid) you do not have to amend your tax return. Keep a copy of it with your tax records for at least three years.
Thus, the maximum credit a taxpayer may claim per student is $2,500 per year. A family with multiple eligible students may claim this amount for each student.
What should you do with Form 1098-T? The information on the form may have to be reported on your income taxes. In fact, its necessary to use information from this form to claim education tax credits on your return. These credits can be worth thousands of dollars.

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