| As it relates to education tax benefits has been updated as of the 2008 tax year. |
| 1098-T forms (Tuition Payments Statement) are mailed to SRJC students in January for the previous tax year. It is up to students to
determine for themselves, or with the advice of their tax advisors, what
amounts should be used for the Hope Scholarship Credit or Lifetime Learning
Credit. You will need to file Form 8863 (Education Credits) to claim the
education tax credits. |
TAXPAYER RELIEF ACT OF 1997 (Education Tax Credit)
In accordance with the Taxpayer Relief Act of 1997, beginning in 1998,
individuals may be able to claim the new tax credit for higher education
costs. These are the Hope Scholarship Tax Credit and the Lifetime Learning
Tax Credit.
Hope Scholarship Tax Credit
Applies to students who are enrolled at least half time in their first or
second year of undergraduate study in a program leading to a degree. A maximum
of $1,800 per year of qualifying tuition expenses may be claimed as a credit
against taxes owed by taxpayers who meet defined income restrictions. Hope
Scholarship Tax Credit can be claimed for an eligible student or dependent
student who meets the following requirements:
- Is enrolled in one of the first two years of post secondary
education (generally the freshman or sophomore years of college).
- Is enrolled in a program that leads to a degree, certificate,
or other recognized educational credential.
- Is taking at least one-half of the normal full-time work
load (6 units or more) for his or her course of study for at least one academic
period (Spring, Summer, Fall) during the calendar year, and
- Is free of any felony conviction for possessing or distributing
a controlled substance.
Lifetime Learning Tax Credit
Taxpayers may be able to claim a Lifetime Learning Tax Credit of up to $2,000
for the total qualified tuition and related expenses paid during the tax year
for all eligible students or dependent students who are enrolled in eligible
educational institutions.
- The Lifetime Learning Tax Credit is not based on the students
work load. It is allowed for one or more courses.
- The Lifetime Learning Tax Credit is not limited to students
in the first two years of post secondary education.
- There is no limit on the number of years for which the
Lifetime Learning Tax Credit can be claimed for each eligible student.
- The amount you can claim as a The Lifetime Learning
Tax Credit does not vary (increase) based on the number of eligible students
for who you pay qualified expenses.
Additional Information
Student Form 1098-T Information via Web
Link
Note: After logging onto WebLink, select the Function
"Tax Credit" then click the "Submit" button
1098-T
Informational Web Site
Internal
Revenue Services
To obtain/view copies of Internal Revenue Service publications, including
Publication 970 Tax Benefits for Higher Education
IRS Telephone Assistance: (800) 829-1040
IRS Local Taxpayer Assistance Center:
(707) 523-0924
SRJC Taxpayer Relief Act Hotline: (707)
527-4975
