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Taxpayer Relief Act of 1997(partially revised for the 2007 tax year ) NEW FEATURE!!!! You can access your current and prior year statements online!
You can find these statements by logging onto myslice.syr.edu.
Once logged on, you can access the statements by clicking the links in this path:
***Please Note***
We have updated the information below to the best of our ability using IRS worksheet form 8863, “Education Credits" and IRS Publication 970 "Tax Benefits for Education” Worksheet 8863 can be found and here and Publication 970 Can be found here
What is the Taxpayer Relief Act of 1997?The Taxpayer Relief Act of 1997 (TRA
97) provides many new tax benefits for persons who are paying higher education
costs for themselves and members of their families. Among these benefits are education
tax credits (Hope Scholarship and Lifetime Learning Credit) and a deduction for student loan interest.
There are many tax benefits for
families who are paying for higher education costs or who are repaying student
loans. Most of these benefits became available in 1998 and can be claimed when
you file your 2007 tax return in early 2008. Rules That Apply to the Hope Scholarship Credit and Lifetime
Learning Credit The amount of each credit is determined
by the amount you pay for qualified tuition and related expenses for eligible
students and the amount of your modified adjusted gross income. These credits
are subtracted from your tax but they are nonrefundable. This means that if the
credits are more than your tax, the excess is not refunded to you. Qualified tuition and related expenses
are tuition and fees required for enrollment or attendance at an eligible
educational institution. Qualified expenses do not include: - Room and Board - Insurance - Transportation - Medical expenses - Other similar personal, living or family expenses What is the Hope Scholarship Credit? For expenses paid in 2007, for academic
periods beginning in 2007 or in the first three months of 2008, you may be able
to claim a Hope credit of up to $1,650 for the qualified tuition paid for each
eligible student. This credit may be claimed for only the first two years for each
eligible student. Additional qualifications for the Hope
Scholarship: You can claim a Hope Scholarship Credit only for an eligible
student who also meets the following requirements:
Amount of Credit: The amount of the Hope Scholarship Credit is
100% of the first $1,100 plus 50% of the next $1,100 you pay for each eligible
student's qualified tuition and related expenses. The maximum Hope Credit you
can claim in 2007 is $1,650 times the number of eligible students. This means
you can claim the full $1,650 for each eligible student for whom you pay at
least $2,200 for qualified tuition expenses. However, the credit may be reduced
based on you modified adjusted gross income. Your education credits are phased
out (gradually reduced) if your modified adjusted gross income is between $47,000
and $57,000 ($94,000 and $114,000 in the case of a joint return.) Any further questions related to your
eligibility for the Hope Scholarship tax credit should be directed to your tax
advisor or Internal Revenue Service. Further information on the Hope Scholarship Credit can be found in IRS Publication 970. What is the Lifetime Learning Credit? For expenses paid in 2007, for academic
periods beginning in 2007 or in the first three months of 2008, you may be able
to claim a lifetime learning credit of up to $2,000 for the total qualified
tuition expenses paid during the tax year for all eligible students who are
enrolled in eligible educational institutions. Unlike the Hope Scholarship Credit:
Amount of Credit For the 2007 tax year the amount of the
Lifetime Learning Credit is 20% of the first $10,000 you pay for qualified
tuition expenses for all eligible students in the family. The maximum amount of
lifetime learning credit you can claim for 2007 is $2,000 (20% times $10,000).
However, that amount may be reduced based on your modified adjusted gross
income. Your education credits are phased out (gradually reduced) if your
modified adjusted gross income is between $47,000 and $57,000 ($94,000 and $114,000
in the case of a joint return.) . Any further questions related to your
eligibility for the Lifetime Learning Credit should be directed to your tax
advisor or the Internal Revenue Service. Further information on the Lifetime Learning Credit can be found in IRS Publication 970. What will In addition, we will provide to you a
detailed statement of all your past year’s transactions to help you determine
what your eligibility for either of these tax credits may be. We are only reporting to the IRS, your total
allowable educational expense as determined per their guidelines, as well as
University administered scholarships and grants. Additional Information Additional information from the Internal Revenue Service and Form 8863 can be obtained here Internal Revenue Service or specifically on the following topics: If you have
additional questions for the University regarding the
Taxpayer Relief Act of 1997 please click here. Please note that the above description is a general summary only, and does not include all of the applicable Internal Revenue Code requirements that should be considered.
Taxpayer
Relief Act |
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Options Last Modified January 2008 © 1995 - 2007 Syracuse University, Syracuse, NY 13244
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