Information for Taxpayers Regarding Higher Education Tax Credits

The Hope and Lifetime Learning Tax credits were made available through the Taxpayer Relief Act of 1997 to give qualified* students or parents a credit for qualified* tuition/fees. The form designated to report this information will be the 1098-T. The University of Iowa University Billing Office will be responsible for reporting to the students and the Internal Revenue Service the 1098-T information.

These forms will be mailed to student's current residing address on file with the University by January 31. The form itself will contain the following information reported to the Internal Revenue Service; student name, address and social security number, whether the student was in a graduate program and if enrolled at half time or more.

Note: The 1098T information is also available on webISIS. Simply login, select the 'Student Records' link, and then the 'Hope and Lifetime Learning 1098T Information' link. An ISIS password is required.

In addition to the above information reported to the Internal Revenue Service, dollar amounts of tuition billed and paid, as well as gift aid applied to tuition, will appear at the bottom of the form mailed to the student. These amounts will be provided in order to assist students and parents in calculating the amount of the credit available, however, no dollar amounts will be reported to the Internal Revenue Service for the 1999, 2000, or 2001 tax years.

If you have questions about this information, you can contact the University Billing Office at: ubill@uiowa.edu, call 319-335-0071 or 1-800-943-4557, or write to University Billing Office, Room 3 Jessup Hall, Iowa City, IA 52242.

 
*Additional information regarding tax credits for higher education can be obtained from the Department of Education site or from IRS Publication 970 (Tax Benefits for Higher Education),

*IRS Form 8863. Education Credits (Hope and Lifetime Learning Credits) can be downloaded from http://ftp.fedworld.gov/pub/irs-pdf/f8863.pdf