Taxpayer Relief Act of 1997
The recently enacted Taxpayer Relief Act of 1997 provides eligible taxpayers with incentives for continuing their education through a college or university. This information is provided to help you determine how the Act may apply to you. Questions related to your tax situation should be addressed directly to the IRS or your tax advisor.
Hope Scholarship Tax Credit
- Up to $1,500 credit per student.
- Students must be enrolled at least half time in either the first or second year of an undergraduate program.
- Applies to tuition and certain expenses paid on or after January 1, 1998.
Lifetime Learning Credit
- Up to $1,000 credit per family.
- Students who are enrolled in at least one course leading to a degree, certificate, or improved job skills.
- Applies to "out-of-pocket" payments on or after July 1, 1998.
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Obtaining Form 1098-T
Students who provide UC Irvine Extension with their SSN and complete address will receive a Form 1098-T (Tuition Payment Statement). The form, which will be sent out in February, includes educational expenses that may qualify for either of the two tax credits.
Further information is available from:
Tax Deduction for Educational Expense
Under current regulations, educational expenses such as enrollment fees, books, supplies and related costs may be deducted under certain conditions. Please consult the appropriate income tax agency for detailed information. |
