1098T Tax Credit

Taxpayers can elect a Hope Scholarship tax credit or a Lifetime Learning tax credit for eligible education expenses. The issues affecting computation of these tax credits are extremely complex and will vary significantly by individual taxpayer. Consequently, John Carroll is not able to provide tax advice.

On January 16th Internal Revenue Service Form 1098-T, Tuition Payments Statement, was mailed to the home address of students who enrolled in an undergraduate or graduate school class during the 2007 calendar year. Box 1 of Form 1098-T has been intentionally left blank.

The data contained in the mailing is the only information John Carroll has available to assist you in claiming the Hope Scholarship or Lifetime Learning Tax Credit. Please consult with your tax advisor to properly interpret the data provided for your specific tax credit computation.

The Internal Revenue Service's help line telephone number is 1-800-829-1040.

Hope and Lifetime Learning tax credits are claimed on an individual's tax return on IRS Form 8863 Education Credits (Hope and Lifetime Learning Credits).