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Office Of The Bursar

Form 1098T

1098T forms are issued no later than January 31st, in accordance with IRS regulations.

Please seek advice from qualified tax experts to determine if you qualify for tax credits.
Further information is available from the Internal Revenue Service at:

Tax information for Parents
http://www.irs.gov/individuals/parents/index.html

Tax information for Students
http://www.irs.gov/individuals/students/index.html

or call 1-800-829-1040.


American Opportunity Credit

Under the American Recovery and Reinvestment Act (ARRA), more parents and students will qualify over the next year for a tax credit, the American Opportunity Credit, to pay for college expenses.

The new credit modifies the existing Hope credit for tax years 2009 and 2010, making it available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible will qualify for the maximum annual credit of $2,500 per student.

The full credit is available to individuals whose modified adjusted gross income is $80,000 or less, or $160,000 or less for married couples filing a joint return. The credit is phased out for taxpayers with incomes above these levels. These income limits are higher than under the existing Hope and lifetime learning credits.

If you have questions about the American Opportunity Credit please go to one of the following websites for more information:

http://www.irs.gov/newsroom/article/0,,id=211309,00.html

http://www.irs.gov/newsroom/article/0,,id=205674,00.html

http://www.irs.gov/newsroom/article/0,,id=213044,00.html

Education credits are claimed on Form 8863, Education Credits (Hope and Lifetime Learning Credits). For details on these and other education-related tax breaks, see IRS Publication 970, Tax Benefits for Education.

Please note:   The BURSAR’S Office cannot provide information on how to apply or whether you qualify for the American Opportunity Credit.   You will need to contact your tax preparer or the IRS to find out if you are eligible for the Credit.

Page updated 5/31/2013 - Maintained by the University Bursar's Office.
Questions or comments regarding this page? Contact the Bursar's Office .