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Taxpayer Relief Act

Angelo State University 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 on or before the January 31st after the tax year. The form is also available on the web at www.1098T.com.

Per the IRS Instructions for Form 1098-T, educational institutions do not have to file Form 1098-T or furnish a statement for students whose qualified tuition and related expenses (Box 2) are entirely waived or paid entirely with scholarships (Box 4). Angelo State University will NOT file Form 1098-T or furnish a statement for you if you are a student whose scholarships and grants equal or exceed your amount billed for qualified tuition and related expenses. Angelo State University does not file Form 1098-T or furnish a statement to nonresident alien students unless requested by the student.

Please note Box 2 on the 1098-T form shows the total amounts BILLED for qualified tuition and related expenses less any related reductions in charges for the calendar year (total amount "BILLED", not payments received). If Box 6 on the 1098-T form is checked, the amount in Box 2 includes amounts for an academic period beginning January - March, after the tax year. See Publication 970 for guidance on how to report these amounts.

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; or you may contact the ASU Controller's office at (325) 942-2014. Other related links can be found below.

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