Education Tax Credit Information
1098-T Tax forms :
Student 1098-T tax forms are mailed in January each year. You are also able to view and print your statement from your Banner self-service account at: https://selfservice.brown.edu/
On the Tax Information page of self-service enter corresponding tax year to access your current 1098-T form. Questions regarding tax credit eligibility should be directed to your tax advisor.
- IRS Notice 97-60 - Guidance on Education Tax Incentives
- IRS Publication 970 - Tax Benefits for Education
- IRS Publication - Special Steps Needed for Paper 1040 Filers to Claim Late Tax Changes - for higher education and fees deduction:
Hope and Lifetime Learning Credits: For 2008, the amount of a Hope or Lifetime Learning Credit is phased out (gradually reduced) for those with a modified adjusted gross income (AGI) between $48,000 and $58,000 ($96,000 and $116,000 for joint returns). Those with a modified AGI of $58,000 or more ($116,000 for joint returns) cannot claim Hope or Lifetime Learning Credits.
Hope credit: Beginning in 2008, the amount of the Hope credit (per eligible student) is the sum of:
- 100% of the first $1,200 ($2,400 for students in a Midwestern disaster area) of qualified education expenses paid for the eligible student, and
- 50% of the next $1,200 ($2,400 for students in a Midwestern disaster area) of qualified education expenses paid for that student.
Tuition and Fees Tax Deduction: Congress extended this tax benefit until Dec. 31, 2009 as part of the $700 billion economic stimulus package.
Please speak to your tax professional for information and questions related to income tax preparation and filing.