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Taxpayer Relief Act of 1997
The Taxpayer Relief Act of 1997 (TRA 97) provides students and their families with several tax benefits related to paying higher education costs. Since individual circumstances may vary, students should consult a professional tax advisor for assistance interpreting IRS Publication 970: Tax Benefits for Education and determining the applicability of each benefit.
Beginning with tax year 1998, TRA 97 requires the University to report to the Internal Revenue Service as a prerequisite for determining a student’s eligibility for these tax benefits. The annual deadline for UCI Division of Continuing Education to file the required tax information electronically is March 31, although data may be transmitted earlier as circumstances allow.
Hope and Lifetime Learning Credits
The Hope Tax Credit, which provides up to $1,500 credit for out-of-pocket tuition and fee expenses paid by the student (or a taxpayer for whom the student is a dependent), for each of the first two years of post-secondary education.
The Lifetime Learning Tax Credit, which provides up to $2,000 credit for tuition and fee expenses paid by the student (or a taxpayer for whom the student is a dependent), for college or graduate level course work beyond the first two years of post-secondary education.
Student Loan Interest Deduction
The Student Loan Interest Deduction, which allows a taxpayer to reduce the amount of his/her income that is subject to tax by up to $2,500 for student loan interest paid during the tax year.
Taxpayer Identification Number Reporting
An e-mail notification is sent to all UCI Division of Continuing Education students in mid-November for whom IRS Form 1098-T (Tuition Statement) will be issued for the tax year. This notice informs students that a Taxpayer Identification Number (TIN) is required, and describes how to update (i.e. add or correct) their student records as needed. As the student, you must decide if either of those actions applies to your personal situation. You are requested to respond only if you need to submit an update.
Obtaining Form 1098-T
The University of California (UC) has contracted with the Tax Credit Reporting Service (TCRS; a division of Xerox Corporation) to issue your IRS Form 1098-T (Tuition Statement). This important tax document will assist you in determining your eligibility for one of the tax benefits covered in IRS Publication 970.
The University discontinued sending paper 1098-T forms by postal mail. From now on, all forms will be produced electronically and will be accessible to you online.
In mid-January, students issued a 1098-T form for the current tax year will receive an email notification from TCRS when the form is available. This email will also include instructions to access your 1098-T form online.
You may also access your current 1098-T form via My Account. Simply login and click Download IRS Form 1098-T to display your current form.
Additional resources and information available:
We are here to help. If you have any questions about tax information, please contact UCI Division of Continuing Education’s Student Services Office. Email firstname.lastname@example.org or call us at (949) 824-5414.
UC Irvine does not provide tax advice and this is for general information purposes only.