Tax Payer Relief Act 1997

TRA97-1098

 

 

The Hope Credit and the Lifetime Learning Credit are education credits you may be able to subtract in full from your federal income tax, not just deduct from your taxable income. 

 

The Hope Credit applies only for the first two years of post-secondary education, such as college or vocational school.  It does not apply to graduate and professional-level programs.  Each student must be enrolled at least half-time for at least one academic period beginning during the year. 

 

The Lifetime Learning Credit applies to undergraduate, graduate and professional degree courses, including instruction to acquire or improve job skills.   

 

You cannot claim both the Hope and Lifetime Learning Credits for the same student in the same year. 

 

For more information about these credits, see IRS publication 970; Tax Benefits for Higher Education; and IRS Tax Topic 605.  These documents are available at the IRS website at www.irs.ustreas.gov/individuals/students/index.html or by calling the IRS at 1-800-829-1040.

 

1098-T’s are scheduled for mailing on January 31 for the preceding tax year.  To access  your account and print extra copies of your 1098-T for the current tax year as well as prior tax years, or to provide consent to receive your 1098-T form in an electronic format instead of by mail, please visit the website at  www.1098-T.com.

 

Please consult with your tax accountant to ensure that you have the most current information available.  The information provided here should not be considered as tax advice.