EDUCATION TAX CREDITS (TAXPAYER RELIEF ACT)
Electronic Delivery of 1098-T New!
To sign up for electronic delivery of your 1098-T log into the TCRS website located at http://www.1098-T.com. Click on the ‘Access My Record’ tab located on the homepage and log into your account. Once logged in select ‘Receive 1098-T Forms electronically’ and follow the directions.
Hope Scholarship and Lifetime Learning Credits
Additional information regarding student eligibility, tuition, and fees for tax year 2008 is available at www.1098-t.com or by calling 1-877-467-3821.
You may be eligible to claim a tax credit on your federal tax return if you paid University of California for qualified educational expenses. The Taxpayer Relief Act provides for two major tax incentive programs regarding higher education.
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The Hope Scholarship Credit
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The Lifetime Learning Credit
The Hope Scholarship credit may be claimed for the qualified tuition related expenses of each student in the taxpayer's family who is enrolled at least half time in one of the first two years of post secondary education.
The Lifetime Learning Credit may be claimed for the qualified tuition and related expenses of the students in the taxpayer's family who are enrolled in eligible educational institutions or those taking classes part-time to improve or upgrade their job skills.
Form 1098-T (Tuition Payments Statement) will be mailed or delivered electronically in late January 2009 to all qualifying students based on the aggregate amount billed, for qualified expenses during the calendar year. This tax information will also be provided to the Internal Revenue Service. The decision as to whether you qualify for either of the tax credits should be determined in consultation with your personal tax advisor or the Internal Revenue Service at (800) 829-1040. The University of California cannot make this determination for you.
Community Service Loan Forgiveness
This excludes from taxable income loan amounts forgiven by non-profit, tax-exempt, charitable, or educational institutions for borrowers who take community-service jobs address unmet needs.
Expand Benefits for Prepaid Tuition Plans
This allows state-sponsored prepaid tuition plans - the earnings of which not taxed until the time of withdrawal as a result of the previous year's tax bill - to include room and board expenses for students who attend on at least a half-time basis. Withdrawals are eligible for the HOPE.
Information Sites:
Additional information is available at www.1098-t.com or by calling 1-877-467-3821.
For more information regarding the Federal Hope and Lifetime Learning Tax Credits, The National Association of College and University Business Officers' (NACUBO) web site and the Internal Revenue Service (IRS) web site and phone number are referenced below: