Taxpayer Relief Act of 1997
The NWACC Cashiers Office mails Student Tax Information Letters (1098-Ts) to students by January 31st per IRS guidelines. Be sure to have your current mailing address on file with the Admissions & Records Office by December 31st of any given year to ensure prompt delivery of your 1098-T.
If you do not receive a copy of your 1098-T by the second week of February, you can reprint one on your Eaglenet or you may call (479) 619-4291 to request a duplicate 1098-T. Please be sure to leave your name, social security number, and current mailing address.
NOTE: NorthWest Arkansas Community College CANNOT give you tax advice. If you should have questions regarding qualified charges and payments, please consult your tax advisor or the IRS at 1-800-829-3676 or visit their website at www.irs.ustreas.gov.
HOPE SCHOLARSHIP AND LIFETIME LEARNING TAX CREDITS
Two tax credits, the Hope Scholarship Credit and the Lifetime Learning Credit, took effect in 1998 to help families reduce out-of-pocket expenses for tuition and certain expenses paid to a post-secondary institution that participates in federal student aid programs.
Who qualifies for these credits and what are the income limitations?
Only taxpayers qualify for these credits. If you do not pay taxes and are claimed as a dependent on someone else's tax return, they may qualify for a credit. A taxpayer may qualify if:
There are certain other limitations specific to each of these credits. NorthWest Arkansas Community College cannot determine if you qualify for one of these tax credits or the amount of the credit due you. If you believe you might qualify, you should obtain IRS Publication 970, Tax Benefits for Higher Education and IRS Form 8863 and review the criteria carefully. To obtain copies call 1-800-TAX-FORM or go to http://www.irs.ustreas.gov/formspubs/index.html on the Internet, or consult your tax advisor.
What is the basis for determining the amount of tax credit?
IRS Publication 970 explains which tuition and fee expenses qualify and which payments qualify for the tax credits.
To receive either tax credit, you must account for and document the amount you have paid for tuition and expenses on IRS Form 8863 and file it with your Federal Income Tax Return. You do not file Form 1098-T with your tax return.
Where can I get more information?