The Taxpayer Relief Act of 1997 provides new tax benefits for persons who are paying higher education costs for themselves and members of their family. Most of these benefits can be claimed when you file your federal income tax return. You may qualify for the Hope Scholarship Credit or the Lifetime Learning Credit.
Your eligibility for the tax credit will depend on your individual circumstances. You may need to contact your tax consultant or the Internal Revenue Service to determine if you are eligible for the tax credits. Shepherd University cannot make this determination for you.
A 1098-T will be mailed in late January to the permanent address of all students for tuition and fee payments. You may also view your 1098-T on RAIL under “Tax Notification.” The 1098-T will inform the student or taxpayer of the possibility of a tax credit for payment of eligible tuition and fees under the guidelines of the Taxpayer Relief Act.
It is the responsibility of the taxpayer to determine eligibility for the credit. For more information concerning the Tax Relief Act, call the Internal Revenue Service at 800-829-1040 or visit the website at http://www.irs.gov/publications/p970/index.html.