Taxpayer Relief Act
ASU has contracted with a specialized vendor to provide students a 1098-T tax form, financial addendum, and informational brochure for the calendar tax year just ended. This packet of information is mailed to students by the January 31st after the tax year and is also available on the web at www.1098T.com.
You can choose to receive your 1098-T in an electronic format by providing consent at the Tax Credit Reporting Service (TCRS) website www.1098T.com. Please call TCRS toll-free at (877) 467-3821 for more information regarding your 1098-T. Other related links can be found at FAQ and Links.
The Taxpayer Relief Act of 1997 may offer you the opportunity for income tax savings through the following:
- Hope Scholarship Tax Credit
- Lifetime Learning Tax Credit
- Student Loan Interest Deduction
- Tuition and Fees Deduction
The Tuition and Fees Deduction is available beginning with tax year 2002 for taxpayers not claiming the Hope Scholarship Tax Credit or the Lifetime Learning Tax Credit. Please note that the Hope credit is actually a tax credit and not a scholarship. Tax credits and deductions are used in the calculation of income tax owed to the Internal Revenue Service and will NOT appear on your billing statement from ASU.
Angelo State University's intent is not to offer tax advice but to alert students and parents of the potential tax credits and deductions. Please contact a tax professional, the IRS at (800) 829-1040, or the IRS Office of Public Liaison at (202) 622-2970 for details.
FAQ and Links
Frequently Asked Questions
- http://www.1098-t.com/info/tra97/trainfo_faqs.asp
- http://www.irs.gov/faqs/faq-kw85.html
- http://www.irs.gov/faqs/faq-kw104.html
Links
Websites containing information related to Higher Education Tax Incentives:
- Tax Credit Reporting Service (TCRS): http://www.1098-t.com/info/tra97/
- United States Department of Education: http://www.ed.gov/offices/OPE/PPI/HOPE/index.html
- Internal Revenue Service: http://www.irs.gov/individuals/article/0,,id=96341,00.html
- NACUBO: http://www.nacubo.org/edtaxcredits.xml