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Several tax benefits are available to help
families meet the cost of post secondary education. These tax benefits are
referred to as Hope Scholarship Credit and Lifetime Learning credit.
Generating 1098-T's:
West Chester University will be mailing out a 1098-T for every student on
whose behalf payments for qualified tuition and related expenses have been
received in the applicable tax year.
Institutions are required to include the following
information on this form:
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The name, address, and Tax Identification Number
(TIN) of the student with respect to whom payments of qualified tuition
and related expenses were received during the applicable tax year;
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An indication as to whether the student was enrolled
for at least half the full-time academic workload;
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The aggregate amount billed for the tax year;
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Information regarding whether the student was
enrolled exclusively in a program or programs leading to a graduate-level
degree, graduate-level certificate, or other recognized graduate-level
educational credential.
Supplemental Personalized Financial Information:
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To assist students/taxpayers in making this
determination, West Chester University has chosen to also include a
supplemental notice for reporting personalized student financial data. The
notice will be included with the 1098-T form.
To Claim Tax Credit:
- The student / taxpayer will need to complete IRS Form
8863, and attach it to their 1040 or 1040A tax return.
Please note: The 1098-T form is NOT required to be attached to the IRS form 8863.
Mailing of 1098-T:
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1098-T's and supplemental notices are mailed out by the end of January.
To View and Obtain Copies of 1098-T and Financial
Supplement:
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www.1098-T.com
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Toll free telephone: 1-877-467-3821
Who to contact with Questions:
- West Chester University cannot assist in caluculating your tax credit. Please contact your tax advisor.
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For more information regarding, the Federal
Hope and Lifetime Learning Tax Credits, a Tax Credit Reporting Service (TCRS)
phone number, the National
Association of College and University Business Officers' (NACUBO) web site,
and the Internal Revenue Service (IRS) web site and phone number are
referenced below:
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TCRS 1-877-467-3821
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More information is also available by obtaining the IRS
Publication 970 "Tax Benefits for Higher Education". |
