Taxpayer Relief Act
The Taxpayer Relief Act of 1997 includes a number of educational tax
benefits that may have an impact on students and their families. The act
includes the following sections that involve the University reporting
information on students to the Internal Revenue Service.
Hope Scholarship Tax Credit: a nonrefundable credit equal to a
maximum of $2500 in out-of-pocket qualified tuition and fee expenses
paid by or on behalf of a student for two tax years during which the
student is enrolled at least half time in the first or second year of
postsecondary education leading to a recognized degree or certificate.
Lifetime Learning Credit: a nonrefundable credit equal to 20%
of the $10,000 of qualified out-of-pocket tuition and fee expenses paid
by or on behalf of a student enrolled in postsecondary course work at
the undergraduate or graduate level leading to a recognized degree or
certificate or to improved job skills.
Student Loan Interest Deduction: a deduction from income of up
to $2500 per year for interest paid on a qualified education loan.
To find out if you qualify for benefits under these or other
provisions of the Taxpayer Relief Act, please contact a tax consultant
or call the Internal Revenue Service. The University of California is
not authorized to respond to tax questions.
For more information about the Taxpayer Relief Act, refer to this Web
site maintained for students at the University of California campuses: www.1098-T.com.