American Opportunity & Lifetime Learning Tax Credit Information
The American Opportunity Credit takes the place of the HOPE Credit. The HOPE credit is for tax years 2008 and prior. The Lifetime Learning Tax Credit remains.
IRS Publication 970, Tax Benefits for Higher Education will assist taxpayers in determining their eligibility for the tax credits. You may obtain this Publication from any IRS office, or download from the Internet at irs.gov/forms_pubs/pubs/p970toc.htm. The IRS addresses specific questions that taxpayers may have concerning their eligibility for tax credits https://www.irs.gov/publications/p970/ch03.html
In addition, if your have not supplied your social security number to Delaware Valley University, please complete the IRS FORM W-9S part 1, which can be found at http://www.irs.gov/pub/irs-pdf/fw9s.pdf.
Form 1098-T will be mailed to students by Jan. 31st. It is informational only. It alerts the student that they may be eligible for federal income tax education credits.
The university provides in Box 2 the tuition and fees that are billed to your student account and qualify as tuition/fee expenses. However, IRS education credits are based on amounts paid by you, not amounts billed to you. To determine the amount of qualified tuition and fees paid, and the amount of scholarships and grants received, a taxpayer should use their own financial records.