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.
In previous years, your 1098-T included a figure in Box 2 that represented the qualified tuition and related expenses (QTRE) we billed to your student account for the calendar (tax) year. Due to a chance to instiutional reporting requirements under federal law,beginning with tax year 2018, we will report in Box 1 the amount of QTRE you paid during the tax year.
Depending on your income (or your family’s income, if you are a dependent), whether you were considered full or half-time enrolled, and the amount of your qualified educational expenses for the year, you may be eligible for a federal education tax credit. (You can find detailed information about claiming education tax credits in IRS Publication 970, page 9.)
The dollar amounts reported on your Form 1098-T may assist you in completing IRS Form 8863 – the form used for calculating the education tax credits that a taxpayer may claim as part of your tax return.
Delaware Valley University is unable to provide you with individual tax advice, but should you have questions, you should seek the counsel of an informed tax preparer or adviser.