Tax Information - 1098-T
Starting in January 2008, the Bursar's Office, in an effort to "Go-Green", eliminated printing and mailing 1098-T tax returns to enrolled students at the University. Enrolled students have online access to their 1098-T form through Banner Self Service and are able to print the form if required. The Bursar's Office will send a paper copy to all students who have graduated or who have withdrawn from the University and no longer have access to their online Banner Self Service account.
Reported on the 1098-T form is the amount of qualified expenses a student was charged during the tax year, as well as, any scholarships, grants or remission that the student received. If the scholarships, grants and remission exceed the qualified tuition amounts, a 1098-T is not generated since a student is not eligible to claim a credit.
Students whose qualified tuition amount exceeds the scholarships, grants and remission may be eligible to qualify for a Hope Credit or a Lifetime Learning Credit, also referred to as education credits.
There are several differences between the Hope credit and the Lifetime Learning Credit. The difference between the two credits is summarized below:
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Hope Credit
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Lifetime Learning Credit
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Up to $1,500 credit per eligible student
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Up to $2,000 credit per return
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Available only until the first 2 years of post-secondary education are completed
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Available for all years of postsecondary education and for courses to acquire or improve job skills
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Available only for 2 years per eligible student
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Available for an unlimited number of years
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Student must be pursuing an undergraduate degree or other recognized education credential
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Student does not need to be pursuing a degree or other recognized education credential
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Student must be enrolled at least half time for at least one academic period beginning during the year
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Available for one or more courses
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No felony drug conviction on student's record
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Felony drug conviction rule does not apply
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Students should refer all tax-related questions to their own tax counsel. Students may get additional information from IRS Publication 970, Tax Benefits for Higher Education or visit the Internal Revenue Service web site:
http://www.irs.gov/pub/irs-pdf/p970.pdf
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