American Opportunity Tax Credit is a credit for qualified education expenses paid for an eligible student for the first four years of higher education.
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The maximum credit per student is $2500. (100% of the first $2,000 and 25% of the next $2,000 of qualified education expenses).
The credit is available for the first 4 years of the postsecondary education and 40% of the credit (up to $1,000) is refundable for many taxpayers. The amount of your credit for 2009 is gradually reduced (phased out) if your modified adjusted gross income (MAGI) is between $80,000 & $90,000 if you are single or between $160,000 and $180,000 if you file a join return.
Use IRS Form 8863. It is available on the IRS website
Qualified education expenses include amounts spent on books, supplies, and equipment needed for a course of study, whether or not the materials are purchased from the educational institution as a condition of enrollment or attendance.
The Lifetime Learning credit is available to students in all years of postsecondary education and for courses to acquire or improve job skills.
Qualified education expenses include only amounts for books, supplies and equipment required to be paid to the institution as a condition of enrollment or attendance.
Yes, student loans are considered your personal funds, they are not considered financial aid or scholarship money. You are still qualified to claim the tax credit if you meet the requirement.
The tuition and fees deduction is for taxpayers who cannot take the American Opportunity or Lifetime Learning credit because their income is too high. To learn more about the tuition & fees deduction, please see IRS Form 8917
Contact your loan servicer and request form 1098E.
UW law school has a Federal Tax Clinic which was established in 2000 to assist low-income individuals throughout Western Washington resolve disputes with the Internal Revenue Service. The federally-funded clinic offers this assistance as a public service and as a means of training law students in tax practice.
For more information, please visit the Law school website.
Yes, you may print a prior year 1098T form from the MyUW Student Finances tab, Tax just 1098-T Federal Tax Information Statement.
The forms will be mailed out by the end of January. If you are currently enrolled, it will be mailed to your billing address. If you are not enrolled, it will be sent to your permanent address. Prior to receiving the 1098T, you may review your account information on MyUW. You may also print a copy of your 1098T form from MyUW Student Finances tab, under the Tax category.
If you are a UW student and need corrections to your 1098T for the current year, please contact Student Fiscal Services at 206-221-2609 or send an email to firstname.lastname@example.org. Include your student number and details of what needs to be corrected. After we review your record, we will make corrections accordingly. You can print an updated 1098T form from MyUW Student Finance, then Student Tax section the day after your request.
If you are attending a UW Professional and Continuing Education (PCE) fee based program, you need to contact the PCE accounting office by email at email@example.com, making sure to include your student ID number. You may also call the accounting department at 206-685-6330 to request a correction.
If the person who paid the bill had a different name than the official student name in the database, then it may be listed as grant/aid payment on the 1098T form. Please email the PCE office at firstname.lastname@example.org for corrections, with your student ID number and a description of the error or call 206-685-6330.
UW and PCE have separate systems but Student Fiscal Services prints the 1098T form. When PCE files are sent to print the 1098T form, it will have no indication whether a student is enrolled full-time or part time or whether they are a graduate or undergraduate student.
Any financial aid or scholarship money not used to pay for tuition or education expenses is taxable income; you may have to report it at income when you file a tax return.
No. If you are a nonresident student and on visa status at the UW, you will not receive a 1098T form; you do not qualify for tax credit. To learn more, please see IRS Publication 970
According to the new IRS requirements, the UW does not have to report any tuition exemptions or tuition waivers for international students. Nonresident foreign students who have received U.S. funds that exceed tuition charges will be reported to the IRS, only this group of students will get a copy of the 1042S form.