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Q1: Which
fees are qualified and unqualified?
A1: Qualified fees include tuition and related course fees. Unqualified
fees include everything else: housing; books; health insurance fees; late
fees; parking permit charges; fines; etc.
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Q2: How
do I get an application for the Hope Scholarship?
A2: There is no application for the Hope "scholarship". It is
a tax credit available to some taxpayers, and is claimed when you complete
your US federal income tax return. Please check with your personal tax
advisor to see if you qualify.
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Q3: How
much can I claim on my taxes? How do I know what to put on my tax return?
A3: The University can't give you tax advice. We comply with Federal regulations
by annually sending an IRS Form 1098-T to the student in late January.
In addition to the basic information reported to the IRS, we provide the
student with some supplemental financial information about his/her qualified
fees and grants/scholarships. Please consult your personal tax advisor
for more information about your particular situation.
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Q4: I
do my own taxes and don't have a tax advisor. How do I find out what to
do?
A4: The University can't provide tax advice. You can contact the IRS by
phone (1-800-TAX-1040) to ask questions or through their web site (www.irs.gov)
to obtain publications and forms. Another source of information would
be any reputable tax preparation service.
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Q5: Which
IRS form do I use to claim these educational tax credits?
A5: IRS Form 8863 (Education Credits) is used to calculate educational
tax credits. IRS Publication 970 (Tax Benefits for Education) may be helpful
to you.
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Q6: I
am on an installment payment plan for spring 2008. How do I deal with
that?
A6: You may claim only those payments you actually made during 2007. If
part of your spring fees were deferred into 2008 because of your payment
plan, it is our understanding that those payments cannot be claimed until
tax year 2008.
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Q7: I
took credit courses during 2007 but didn't receive an IRS Form 1098-T.
Why not?
A7: We sent IRS Form 1098-T to most students who took credit classes during
2007. Spring 2007 Continuing Registration students whose eligible charges
were assessed in calendar year 2006 DID NOT have their charges included
in “Amount Billed” and may not have received a form. You also
had to be considered at least a half-time student during one semester
in 2007 to receive a form. Each year we receive a number of forms returned
to us by the U.S. Postal Service because the address on file is no longer
valid. Please contact the Bursar’s Office by email at IRS1098t@louisville.edu
or by phone at 502-852-2308 if you believe you should have received a
form but did not. Please be prepared to furnish your name, SSN(or student
ID number), U of L-PIN and current address.
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Q8: I
lost my IRS Form 1098-T. What do I do now?
A8: The taxpayer does not send the IRS Form 1098-T to the IRS when filing
his or her taxes. You can use your bills and receipts as the backup to
claim the credit. You can view the IRS Form 1098-T information at: www.1098t.com
You will need to furnish your name and SSN. At the first login, you will
be assigned a TCRS-PIN. You can also contact the Bursar’s Office
by email at IRS1098t@louisville.edu
or by phone at 502-852-2308 and request the information furnished on your
IRS Form 1098-T. Please be prepared to furnish your name, SSN(or student
ID number), U of L-PIN and current address.
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Q9: Should
I attach the IRS Form 1098-T to my tax return when I mail it?
A9: No. The IRS Form 1098-T is an informational report to you only. You
should keep it in your tax file as backup, along with copies of your bills
and receipts from each semester.
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Q10: What
information did U of L send to the IRS?
A10: Schools are required to provide the IRS with the same information
that is reported on your IRS Form 1098-T.
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Q11: Why
does U of L need my Social Security Number (SSN)?
A11: U of L is required to file information regarding assessment of qualified
tuition and fees (IRS Form 1098-T) with the IRS and the IRS requires us
to furnish the SSN if available.
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Q12: I
don't want to give the university my SSN. Can I still claim the education
tax credits on my tax return?
A12: Without your SSN, the university cannot properly report your qualified
tuition and fees to the IRS. Please discuss your situation with your tax
advisor.
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Q13: Where
can I get detailed information about these different tax credits?
A13: IRS Form 8863 (Education Credits) is used to calculate educational
tax credits. IRS Publication 970 (Tax Benefits for Education) may be helpful
to you. You can contact the IRS by phone at 1-800-829-1040 or through
their web site (www.irs.gov).
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