TCRS keeps you up-to-date with TRA '97 regulatory information and more!!!
The content on this page is designed to assist Educational Institutions by providing information regarding newly and previously released regulations, publications, forms, filing instructions, regulatory requirements, and other documents related to Tax Benefits for Higher Education.
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TAX BENEFITS FOR EDUCATION: INFORMATION CENTER
There is a variety of tax credits, deductions and savings plans available to taxpayers to assist with the expense of higher education. Please click the link below for more information on tax benefits for education.
(Click here)
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American Opportunity Credit | Lifetime versus American Opportunity Credit Comparison Chart
(Click here)
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2011 UPDATES ON EDUCATION TAX CREDITS AND RELATED INFORMATON
Truncating Social Security Numbers on Paper Payee Statements-Pilot Program Extended
The American Opportunity Tax Credit originally modified the existing Hope credit for tax years 2009 and 2010, and has been extended for an additional two years – 2011 and 2012 by the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010. It makes the benefit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax. It also adds required course materials to the list of qualifying expenses and allows the credit to be claimed for four post-secondary education years instead of two. Many of those eligible qualify for the maximum annual credit of $2,500 per student.
The American Opportunity Tax Credit
The American Opportunity Tax Credit: Questions and Answers
American Recovery and Reinvestment Act of 2009: Marketing Products for Partners
How 529 Plans Help Families Save for College and How the American Recovery and Reinvestment Act of 2009 Expanded 529 Plan Features
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PUBLICATIONS, FORM(S), AND FILING INSTRUCTIONS |
Tax Benefits for Higher Education.(PDF)
This document explains the tax benefits for persons who are saving for or paying higher
education costs for themselves and members of their families. It
includes information on the American Opportunity Tax and Lifetime Learning Credits.
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Tuition Statement.(PDF)
IRS form to be prepared and distributed for all
eligible students. The IRS indicates that the format may vary
provided that all required information is presented. This
information is used to help students determine the amount of
credit for which they are eligible. |
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Tuition Statement Instructions.(PDF)
Tuition Statement Instructions. IRS guidelines for 1098-T
reporting. Details included in the document include but are not
limited to: details about filing information with the IRS,
potential penalties, deadlines for filing, and how to make
corrections. |
Request for Student’s or Borrower’s Social Security Number and Certification.(PDF)
Request for Student’s or Borrower’s Social
Security Number and Certification. A student or borrower
would use this form to provide a correct SSN to an educational
institution. The institution needs a correct SSN in order to
report student or borrower financial information to the IRS. |
REGULATORY DOCUMENTS |
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2011 Revenue Procedures
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2010 Revenue Procedures
These documents contain the revenue procedures that set forth the inflation adjusted items for 2010, including information on the 2010 education tax credits and any modifications made to these credits.
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2010 Tuition and Fees Deduction Extended
The Tuition and Fees Deduction was currently set to expire at the end of 2009, it has been extended for 2010. This tax benefit allows taxpayers to deduct up to $4,000 in tuition expenses as an above-the-line exclusion from income.
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Final 1098-T Reporting Rules and Regulations Issued By IRS.(PDFs)
This document contains final regulations relating to the Hope Credit (Currently modified as The American Opportunity Tax Credit by the American Recovery and Reinvestment Act of 2009) and the Lifetime learning Credit under section 25A of the Internal Revenue Code.
This document contains final regulations relating to the information reporting requirements
for qualified tuition and related expenses under section 6050s of the Internal Revenue Code.
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IRS Issues Proposed 6050S Regulations (April 29, 2002).(PDF)
On April 29, 2002, the IRS issued new
proposed regulations related to the reporting requirements under
section 6050S for qualified tuition and related
expenses. |
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Simplification of Reporting Requirements Relating To Higher
Tuition and Related Expenses (December 4, 2001).
On December 4, 2001, the U.S. House of Representatives passed
H.R. 3346; a bill aimed to simplify the 1098-T reporting
requirements for eligible institutions. The bill will amend
§6050S of the Internal Revenue Code as stated below.
- Reporting institutions will no longer be required to collect
and report information to taxpayers who may claim a student as
a dependent.
- Institutions will have the option of reporting either aggregate
amounts of qualified tuition and expenses paid by or on behalf of
the student or amounts billed to the student.
- Institutions would report adjustments to amounts reported in
prior years rather than all refunds and reimbursements to applicable
students.
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Economic Growth and Tax Relief Reconciliation
Act of 2001 (June 7, 2001).
This bill provides for a $1.35 trillion tax cut that includes several
provisions aimed at helping students and families pay for college.
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Electronic Payee Statements.(PDF)
The IRS has issued new regulations that
would allow for the furnishing of 1098-T statements in an
electronic format. TCRS now provides the option for students to consent to receive
their forms in an electronic format via the www.1098-T.com web site.
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Extension of Waiver Period.
The IRS will not require financial
information (e.g., the amount of qualified tuition and related
expenses received and/or reimbursed) to be reported on the 1098-T
statement until at least 2002. The proposed regulations published
in June 2000 indicate that financial reporting will become
mandatory but these regulations have not yet be finalized and
approved.
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Notice of Proposed
Rulemaking--Education Tax Credits (January 6, 1999).
This document contains proposed regulations relating to
the information reporting requirements under section 6050S of the
Internal Revenue Code for payments of qualified tuition and
related expenses and interest on qualified education loans,
including the filing of information returns on magnetic media. The
regulations reflect changes to the law made by the Taxpayer Relief
Act of 1997.
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1998 Reporting Requirements
for Institutions (December, 1997).
This notice provides details
related to 1098-T reporting requirements.
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American Opportunity Tax Credit and Lifetime Learning Credit.
The Internal Revenue Code Section 25A provides
detailed information about the Hope Credit (Currently modified as The American Opportunity Tax Credit by the American Recovery and Reinvestment Act of 2009) and the Lifetime Learning Credit. Details included, but limited to, are:
information about the total amount of credit
available under each credit, applicable limitations of the credit,
definitions of terms and conditions applicable to
the credits, income limits and eligibility.
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Returns Relating to Higher
Education Tuition and Related Expenses.
These regulations provide information on how eligible educational
institutions should report student financial records in relation
to 1098-T reporting.
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IRS Restructuring and
Reform Act.
This document provides information on 1098-T reporting requirements.
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