Tax Information

Tax Information

South Carolina Tuition Tax Credit

The South Carolina General Assembly has recently increased its income tax credit for eligible students for tuition paid to South Carolina colleges and universities. Students may qualify for up to $1500 in tuition tax credits. For eligibility to be determined, Form 1040 must be filed and Form I-319 must also be completed. Click HERE to find out more about this tax credit.

1098-T Tax Form 

Beginning with the 2018 tax year, the IRS is now requiring schools to report the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year in Box 1. Because of this change, the University of South Carolina will report payments received for qualified tuition and related expenses in Box 1 of the form, whereas in previous years, we reported amounts billed for qualified tuition and related expenses in Box 2.  Box 2 is no longer an option. IRS guidelines require that student transactions must be reported in the calendar year in which they occur. The calendar year begins January 1st and ends December 31st.  If you were a student between January 1 and December 31 of 2018 and the university received payments for qualified tuition and related expenses, you are eligible for a Form 1098-T Tuition Statement.

Students can retrieve their 1098-T statements by logging onto Self Service Carolina, selecting Account Information, and then selecting "Tax Documents by Year."

Please Note: The Tax Reform Act of 1997 provided taxpayers/students with Hope Scholarship and Lifetime Learning tax credit opportunities. As part of that act, the Form 1098-T Tuition Statement is sent to students in late January and to the IRS at the end of March every year.