 
Bursar's Office Savitz Hall Office Hours: Campus News  ASM awards undergraduate teaching fellowship to Rowan student | More Rowan's Milou honored for contributions to mathematics education in NJ | More Rowan University featured in the Princeton Review's "The Best 301 Business Schools: 2010 Edition" | More Rowan's College of Education to share $10.8 million Teacher Quality Partnership grant | MoreTax Information The Taxpayer Relief Act of 1997 (TRA) created two federal income tax credits for eligible taxpayers paying qualified tuition and related expenses. Under the provisions of the TRA, the University is required to report to you (the student) and the Internal Revenue Service, certain information concerning your status as a student on a new tax statement referred to as Form 1098-T Tuition Payments Statement. Due to changes in IRS regulations, the Form 1098-T includes financial information not previously reported. The Form 1098-T reports the total amounts billed by the institution for qualified tuition and related expenses during the calendar year as well as scholarships and grant aid applied to your account during the year. The Form 1098-T provides part of the information you need to claim education tax benefits provided by the Hope Scholarship and Lifetime Learning Tax Credit. The Hope Scholarship and Lifetime Learning Tax Credit are both tax credits. Under Section 25A of the IRS Code, and the regulations there under, a taxpayer may claim an education tax credit only with respect to qualified tuition and related expenses actually paid during the calendar year. The taxpayer may not be able to claim an education tax credit with respect to the entire amount of payments received, or amounts billed, by the University. The amount of any scholarships or grant aid reported for the calendar year and other similar amounts not reported (because they are not administered and processed by the institution) may reduce the amount of any allowable education tax credit for the taxable year. The amount of any reimbursements or refunds of payments received, or reductions in charges, for qualified tuition and related expenses, or any reductions to the amount of scholarships or grant aid, reported by the institution with respect to the individual for a prior calendar year may affect the amount of any allowable education tax credit for the prior calendar year. Taxpayers will need to file IRS Form 8863 Education Credits with their tax returns to claim the tax credits. This information is provided as required by the IRS and does not represent tax advice from the University. The University does not render personal tax advice. The taxpayer should refer to relevant IRS forms and publications (www.irs.gov/pub/irs-pdf/p970.pdf) or their tax advisor for explanations relating to the eligibility requirements for, and calculation of, any allowable education tax credit. |
