Hope Scholarship Credit
A tax credit equal to all of the first $1,000 of tuition and fees (less scholarships, grants, and tax-free tuition benefits) and half of the next $1,000 of tuition and fees is available to parents of dependent students or to students who are not claimed as dependents on their parents' returns. The Hope Credit can be claimed only for two tax years and applies only to the first two years of post-secondary education. The student must be enrolled at least half-time during at least one academic period that begins during a tax year and cannot have had a felony drug conviction in a year that the credit applies. Qualified education expenses paid during the tax year are eligible for the Hope Credit. Income limits also apply.
REPORTING OF EDUCATIONAL COST PAYMENTS (FORM 1098-T)
FOR MORE INFORMATION ON EDUCATIONAL TAX AND SAVINGS OPTIONS, VISIT THE FOLLOWING WEB SITES:
- Internal Revenue Service, Publication 970, Tax Benefits for Higher Education www.irs.gov/pub/irs-pdf/p970.pdf
- TCRS Tax Credit Reporting Service http://tcrs.com
- For general information on TRA97 or to view/print a copy of your University of Alabama 1098-T go to www.1098T.com