What is the American Opportunity Tax Credit (formerly known as the Hope & Lifetime 1098-T tax credit)?
The American Recovery and Reinvestment Act of 2009 (PL 111-5) created two federal income tax credits for eligible taxpayers paying qualified tuition and related expenses. Under the provisions of the act, the University is required to report to students and the Internal Revenue Service certain information concerning student status on a tax form referred to as Form 1098-T. The 1098-T is mailed to the permanent home address of all students by January 31, for the preceding calendar year. Although the tax credits will benefit many taxpayers, the laws and regulations governing the credits are complex. Accordingly, you may wish to consult with a professional tax advisor in order to determine your eligibility and maximize your tax benefit.
Related Questions
- Can I still benefit from Hope Scholarship tax credits (also known as American Opportunity tax credit) and/or Lifetime Learning Credits if I contribute to a NextGen Account?
- What is the American Opportunity Tax Credit (formerly known as the Hope & Lifetime 1098-T tax credit)?
- Can I take the American Opportunity Tax Credit or Lifetime Learning Credit?
