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Cashier Office — 1098T Information
The federal government provides two types of tax credits for educational expenses paid by you during the tax year. However, not all expenses you pay to the University are considered qualified expenses. In general tuition and fees that are directly related to your attendance and education are allowable. Room and board, insurance and other personal expenses are generally not allowed. You should review the IRS Publication 970 for more information — or you may consult your tax professional.
Please note: The Controller's Office or University staff cannot assist you in tax matters. If you need assistance completing your taxes, you should consult with the IRS, a qualified tax specialist or a CPA accounting firm.
The following FAQ is provided to assist you with some of the general questions that you may have regarding the 1098T form and is not intended to be provided as advice in completing your tax return.
Box 1 is used for institutions who report on the amount paid by students. The University of North Florida does not report on amounts you paid, so box #1 will be blank on the form you receive from the University. You should keep your receipts and claim on your tax return the amount you paid out-of-pocket towards qualified educational expenses.
Box 2 reports the amount of qualified tuition and related expenses that were assessed to your account during the 2011 calendar year. The figure reported here is the amount the University assessed you for these fees and does not necessarily represent the amount you paid toward qualified expenses during this tax year. You should keep your receipts and claim on your tax return the amount you paid out-of-pocket towards qualified educational expenses.
Box 3 reports on whether or not the University has changed its reporting method. We have not made any reporting changes.
Box 4 reports on any adjustments made during the 2011 tax year for qualified tuition and related expenses that were reported on a prior year 1098T. For most students this box will be blank.
Box 5 reports the amount of grants, waivers, and scholarships you received during the 2011 calendar year.
Box 6 reports the amount of any adjustments made during the 2011 tax year for grants, waivers and scholarships you received in a prior tax year.
Box 7 is checked to notify you and the IRS that some of the amount indicated in Box 2 relates to a semester that begins in the first quarter of 2012.
Box 8 will be checked if you were enrolled at least half-time for one semester.
Box 9 will be checked if you are a graduate student. This will identify you as already having a bachelor’s degree.
The American Opportunity (formerly Hope Scholarship) Credit is available for the first four years of post-secondary education. If you meet the requirements as a student you may qualify for a tax credits. You can claim 100 percent of the first $2000 you paid and 25 percent of the second $2000. (for example, if your expenses were $3000, your credit would be $2250). There is an income restriction and you should be aware that the credit is phased out for people in certain income tax brackets. Unless Congress extends the tax credit, the American Opportunity tax credit is available for amounts paid through 2012 only. The Hope Scholarship or the Lifetime Learning credit would be available after 2012.
The Lifetime Learning tax credit is available to everyone. You may claim 20 percent of the first $10,000 paid ($2000 maximum) and that is per tax return, not per student. There are also income restrictions on the Lifetime Learning tax credit.
Comparison of Education Credits
Comparison of Education Credits
American Opportunity (formerly Hope Scholarship) Credit
Lifetime Learning Credit
Up to $2500 credit per eligible student
Up to $2,000 credit per return
Available ONLY for the first 4 years of post-secondary education are completed
Available for all years of postsecondary education and for courses to acquire or improve job skills
Available ONLY for 4 tax years per eligible student (including any years the Hope credit was claimed)
Available for an unlimited number of years
Student must be pursuing an undergraduate degree or other recognized education credential
Student does not need to be pursuing a degree or other recognized education credential
Student must be enrolled at least half time for at least one academic period beginning during the year
Available for one or more courses
No felony drug conviction on student's record
Felony drug conviction rule does not apply
Qualified expenses include tuition and fees required for enrollment, books, equipment and supplies (books do not need to be purchased at the institution)
Qualified expenses include tuition and fees required for enrollment, and course-related books, equipment and supplies required to be paid at the institution
Payments for the qualified expenses made in 2010 for 2010 academic terms and terms beginning in the first 3 months of 2011
Generally, you can claim an education credit if all three of the following requirements are met:
For more information on these credits, please check these websites--IRS Tax Information for Students and Tax Benefits for Education.
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