Tuition Tax Credits

The Taxpayer Relief Act of 1997 was signed into law providing tax benefits to taxpayers investing in higher education. These tax benefits include two tax credits entitled the

• “Hope Scholarship Credit”
• “Lifetime Learning Credit.”

To assist in the promotion of these tax incentives, the higher education community is required to provide information to the taxpayers and the Internal Revenue Service. The 1098T tax forms contain transactions posted during the tax/calendar year, January though December.  The required tax forms are mailed by January 31 of the subsequent year.

Students and/or parents are strongly advised to consult their tax advisors if assistance is required in preparing tax returns. The College staff is unable to assist in the determination of the specific tax credits. Students can access their student account information via the Campus Web.

SOURCES OF INFORMATION

IRS Tax Forms and Publications 1-800-829-3676
     PUB 970 Tax Benefits for Higher Education
     FORM 8863 – Education credits (Hope and Lifetime Learning Credits)

For IRS Tax questions 1-800-829-1040
     TTY/TDD 1-800-829-4059

Website for information and/or forms and publications
     http://www.irs.ustreas.gov/individuals/students/index.html

The attached brochure, “Paying for College:  Tax Benefits and Savings Options,” contains information about tax credits and ways to pay for college, and is provided by the National Association of College and University Business Officers.