The federal government provides 2 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, books, insurance, and other personal expenses are generally not allowed. You should review the IRS publication 970 at http://www.irs.gov/publications/p970/index.html for more information--or you may consult your tax professional.

Some Frequently Asked Questions

What is a 1098T?

Educational institutions are required to report to students the amounts of qualified tuition expenses that were billed to them during the 2007 calendar year. This form will assist students in determining if they qualify for an educational tax credit.

What do the amounts in each box indicate?

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 2007 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.

Box 4 reports on any adjustments made during the 2007 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 calendar year.

Box 6 reports the amount of any adjustments made during the 2007 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 2008.

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.

What's the difference between the Hope Scholarship and the Lifetime Learning Credit?

The Hope Scholarship is available for first & second year students only.  If you meet the requirements as a student you may qualify for a tax credits. You can claim 100% of the first $1000 you paid and 50% of the second $1000. (for example, if your expenses were $1500, your credit would be $1250).  There is an income restriction and you should be aware that the credit is phased out for people in certain income tax brackets.

The Lifetime Learning tax credit is available to everyone. You may claim 20% 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.

For more information on these credits, please refer to the U.S. Department of Education website at: http://www.ed.gov/offices/OPE/PPI/HOPE/index.html

Do I report the amount in the Box 2 on my tax return?

NO. This is the amount that we are reporting to the IRS that we billed you for this during 2007, not that you paid that amount

I received scholarships, grants, or waivers. How do I calculate what I paid?

You need to keep your receipts for accurate reporting. You can stop into the cashier’s office for duplicate receipts.

I lost or didn?t receive my 1098T. Can I obtain another copy?

You can print another copy of your 1098T via myWings. Click on the Student/Academic tab, then "check your records" then "tax notification." If your grants, waivers and scholarships exceed your qualified tuition expenses, we will not mail you a 1098T. However, you can obtain one from myWings.

Who do I call for more information?

There are a number of places for you to go to obtain additional information. Please note that the staff at UNF cannot assist you in determining the amount you can claim for a tax credit. Your tax professional should be able to help you determine if you qualify. In addition, you can call the IRS for assistance. Their toll free number is 1-800-829-1040. The IRS also has a number of forms and publications that will help you. For instructions on the 1098T visit the IRS website at: http://www.irs.gov/pub/irs-pdf/i1098et.pdf

Other excellent websites on educational tax credits include

The IRS publications website: http://www.irs.gov/publications/p970/index.html

Department of Education website:  http://www.ed.gov/offices/OPE/PPI/HOPE/index.html