Hope Scholarship and Lifetime Learning Tax Credits
TRA97 created two education tax credits for students and families:
The Hope tax credit provides up to $1,500 per student for qualified tuition and related expenses for the first two years of post secondary education. To be eligible, students must be enrolled at least halftime in a degree- or certificate-granting program. The Hope credit is available for expenses paid in the calendar year.
The Lifetime Learning tax credit is more broadly applicable to any post secondary education to acquire or improve job skills. It provides a maximum credit of $2,000, regardless of the number of students. This credit is available for expenses paid in the calendar year.
IRS Form 1098-T: Tuition Payment Statement
What is it?
An eligible educational institution, such as the University of Kentucky, that receives qualified tuition and related expenses on a student's behalf must furnish form 1098-T to the student. This statement will help you to determine whether you, or the person who may claim you as a dependent, can claim an education tax credit. For information about these credits, see IRS Pub. 970, Tax Benefits for Higher Education.
The University will send a 1098-T form to students who were enrolled in an academic term in 2007 (or the first academic term in 2008) and were billed for tuition and fee expenses in the calendar year. Taxpayers are not required to include the form with their tax return. This financial information should not be construed as tax advice. It is simply a summary of the university's financial records.
When and where will the form be mailed?
Per IRS regulations, forms will be mailed to the student's permanent address by January 31. Please allow two(2) weeks for delivery before calling our office about your form.
What if I don't receive a form?
Additional copies of the 1098-T Form can be obtained from myUK, which requires an active directory account and password. Also, please review our frequently asked questions for reasons why you may not have received a form. Contact the Student Tax Office at 859-257-6702 or taxcredit@lsv.uky.edu for more information.
What if I have more questions?
Please look at our frequently asked questions to see if the answer to your question is there. You may want to consult a tax professional or the IRS for more information.