Educational Tax Information
In 1997, the Taxpayer Relief Act established two education tax credits. The following is for general information only and should not be taken as tax advice. Please consult the IRS or a tax professional for more information.
The Hope tax credit is available for the first two years of postsecondary education for students enrolled at least half time in a degree-seeking or certificate granting program. Taxpayers may claim up to $1,500 per student for qualified tuition and related expenses paid in the calendar year 2007.
The Lifetime Learning tax credit applies to any postsecondary education to acquire or improve job skills. There is no minimum enrollment requirement or limit to the number of years it is available. Taxpayers may claim a maximum of $2,000 (20% of $10,000) of qualified expenses paid in the calendar year 2007.
IRS Form 1098-T will be issued to all qualified students with tuition and fee expenses paid in 2007. The form will be mailed to the student's permanent address on file as of January 31st, 2008.
