We are required by the Internal Revenue Service to send every student with tax credit information 1098-T form.  The 1098-T provides information regarding qualified tuition and related expenses  that will assist in your individual tax preparation. 

What is the Taxpayer Relief Act of 1997 (TRA97)?

The Taxpayer Relief Act of 1997 established two new education tax credits.  The Hope Tax Credit is for students who are enrolled in one of the first two years of postsecondary education these students need to carry at least a half-time workload while pursuing an undergraduate degree, certificate, or other recognized credential. The Lifetime Learning Tax Credit is for students who take one or more classes form a college or university pursuing an undergraduate or graduate degree, certificate, other recognized credential, or to acquire or improve job skills.

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What is the 1098-T form, and what is included on it?

The 1098-T form is used by eligible educational institutions to report information about their students to the IRS as required by the Taxpayer Relief Act of 1997. Eligible educational institutions are required to submit general student enrollment information and financial data for the corresponding tax year. The Information required is student name, address, social security number or tax identification number, enrollment status, academic status, amount billed for qualified tuition or amounts paid for qualified tuition (but NOT both), scholarship or grant amounts, and, if applicable, adjustments to prior year qualified tuition and/or adjustments to prior year scholarships.

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When will the 1098-T form be mailed?

The 1098-T form will be mailed no later than January 31st following the tax year to be reported.

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Where can I call if I have questions?

If you have any questions about your 1098-T form, you can call TCRS directly at 1-877-467-3821.  You can also check with the IRS website for futher information at www.irs.gov.

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How can I get a duplicate 1098-T form?

Students can get a duplicate 1098-T form at www.1098-t.com.

 

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What educational expenses are considered as qualified tuition and related expenses?

Qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution that were paid on or after January 1 and on or before December 31 of the tax year. They do not include books, room and board, student activities, athletics (unless the course is part of the degree program), insurance, equipment, transportation, or other similar personal, living or family expenses.

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Who can claim a Hope Tax Credit or Lifetime Learning Tax Credit?

An eligible taxpayer may claim these credit. An eligible taxpayer may be the student or, if the student is a dependent for federal income tax purposes, the person (e.g., parent) claiming the student as a dependent. A student who is a dependent cannot claim the tax credits or deduction on his or her own tax return.

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