Tax Information
The Lifetime Learning and Hope tax credits can reduce the amount of your income tax and assist you in offsetting the costs of a higher education. Students are eligible to claim one of these credits, but not both, in a given tax year. There is no limit to the number of years that a student can claim the Lifetime Learning credit, but the Hope credit can only be claimed for two years of post-secondary education, and is generally reserved for college freshmen and sophomores. Tuition and other education related expenses can be claimed for these credits.
The IRS recommends that if your educational expenses total more than $7,500.00, it is in your best interest to claim the Lifetime Learning credit. Part-time students are also eligible to claim the Lifetime Learning tax credit. For more information, please refer to the following site: http://www.irs.gov/publications/p970/ch03.html#d0e3068
Please refer to http://www.1098t.com to access your record related to the Lifetime Learning and Hope tax credits. Please note that for students those qualified educational expenses are paid with University scholarship funds are not eligible to receive Form 1098-T's.
