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Tax Credit Information
To obtain a copy of your 1098T form or to find an itemization of the box totals, go toMy Banner, select Student, select Student Account, Select Tax Year, select Tax Notification.
Federal Tuition Tax Credit
The 1997 Tax Law passed recently includes provisions for tuition tax credits that may be claimed by students or their parents. The tax bill includes two credits: The Hope Credit for first and second year students and The Lifetime Learning Credit for all other students.
The Hope Credit
The Hope Credit is a tax credit of 100% of the first $1,000 of tuition paid and 50% of the next $1,000 tuition paid for a maximum credit of $1,500 per student per year. This credit applies only to first and second year students and is applicable for expenses paid after December 31, 1997, for academic periods beginning after that date.
The Lifetime Learning Credit
The Lifetime Learning Credit is a 20% credit for the first $5,000 of tuition ($10,000 after 2002). This credit is effective for expenses paid after June 30, 1998, and essentially applies to those not eligible for the Hope Credit.
For more details regarding tax credits click here:http://www.irs.gov/publications/p970/index.html
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