Tax Relief Act of 1997
In January, the Student Accounting Department will issue 1098-T forms, Tuition Statements, to eligible students. Students may also access a copy of their forms through the "Tax Notification" option under the "Student Accounts" menu in eServices.
There may be an opportunity for tax savings through the American Opportunity Credit or Lifetime Learning Tax Credit. These two tax credits are based on qualified education expenses paid for tuition and fees required for the student's enrollment or attendance at an eligible educational institution.
Educational institutions have the choice to report either the amount billed or the amount paid on the 1098-T forms. VCU reports the amount billed billed (assessed) for the calendar year (January 1 through December 31). Many students participate in advance registration for the spring semester. The charges are then assessed in December for the upcoming spring semester resulting in the spring charges being included on the previous year's 1098-T form.> Box 7 of the 1098-T form will be checked indicating that the charges for the spring semester were included on the previous year's 1098-T form. . Students may select the "Account Detail for Term" option in eServices to view their account information which may assist them in determining the amount of the credit which may be claimed on their behalf.
Please refer to IRS Publication 970 for additional assistance in determining how these awards should be reported.
Internal Revenue Service (IRS)
The Student Accounting Department does not offer tax advice. If you have further questions concerning either tax credit, you may want to consult with a tax professional to discuss your personal situation.
1015 Floyd Ave., 1st Floor
P.O. Box 843036
Richmond, VA 23284-3036
Phone: (804) 828-2228
Fax: (804) 828-5463
Hours: Monday - Friday, 8 a.m. - 5 p.m.