Reporting of Educational Cost Payments
The Taxpayer Relief Act of 1997 (TRA97) requires a college or university that received qualified tuition and related expense payment from students or on student's behalf to file Form 1098-T for each student with the Internal Revenue Service (IRS) each calendar year. A copy of Form 1098-T must also be furnished to the student. The information being reported to the IRS verifies enrollment with regard to certain eligibility criteria for the Hope Credit and the Lifetime Learning Credit. However, the enrollment information by itself does not establish eligibility for either credit.
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