FORM 1098-T
Welcome to the Glendale Community College Taxpayer Relief Act website.
This website was set up as a service to Glendale Community College students and families
to assist them in understanding the Tuition Payment Statement (Form 1098-T) that was
recently mailed. The information offered is not tax advice and students and their families
are urged to consult their tax adviser/preparer and the official material provided by the
Internal Revenue Service to determine their eligibility and process to claiming either of
the two tax credits; Lifetime Learning and Hope Scholarship.
Frequently Asked Questions
What is the Lifetime Learning Tax Credit?
The Lifetime Learning Tax Credit is a federal income tax credit that
applies to tuition and fees for undergraduate, graduate, and continuing-education course
work. A family can claim on its tax return a credit equal to 20 percent of $5,000 of
educational expenses for a maximum benefit of $1,000 each tax year.
What is the Hope Scholarship?
The Hope Scholarship is a federal income tax credit that is similar to the
Lifetime Learning tax credit. It is equal to the first $1,000 of tuition and fees (less
scholarships, grants, and tax-free tuition benefits) and half of the next $1,000 of
tuition and fees for a maximum credit of $1,500. The Hope credit can be claimed only for
two tax years and applies only to the first two years of postsecondary education. Students
must be enrolled at least half-time in a program leading to a degree or certificate during
at least one academic period that begins during the tax year.
What are "Education Expenses" that are eligible for the two
credits?
Generally, for Glendale Community College students, "Education
Expenses" are payments made for your enrollment fees, non-resident tuition, and
material fees. Payments made for the health fee, parking, associated student’s fee or
books and other supplies cannot be claimed. It should be noted that any "untaxed
educational benefit" (e.g. most grants, scholarships, fellowships, and fee waivers)
must be subtracted from the qualified "Education Expenses" when computing the
credit.
Who can claim the Lifetime Learning or Hope Scholarship?
Either the student if he/she is not claimed as a dependent on anyone
else’s tax return or the taxpayer who is entitled to claim the student as a tax
dependent will be eligible for the credit. However, other factors such as income levels
and tax liability may preclude an individual from receiving the credit.
Why did I get the 1098-T form?
Glendale Community College was required to mail you this form. It is the
official document notifying you of the potential eligibility for either the Lifetime
Learning or Hope Scholarship tax credits.
What if I didn’t get a 1098-T form?
Not all students receive this form. You will not receive this form if any
of the following apply:
You received a Board of Governors (BOG) fee waiver
You are an F-1 Visa student
You attended Glendale College but only attended the Non-credit and/or
Community Service Classes
You did not make any payments for enrollment fees or tuition in
the tax year
You moved and haven’t notified the Office of Admissions and Records
of your new address
If you believe you should have received this form E-Mail us at
tra@glendale.edu or leave a message on (818)
240-1000 X1098. An E-Mail will produce a quicker response. In either method, we will need
your student ID and social security numbers.
What do I do with the 1098-T form?
Give this form to your tax advisor/preparer who prepares your tax return.
If you are claimed as a dependent on someone else’s tax return, that taxpayer should
provide this form to his/her tax advisor/preparer.
What if my address or social security number is not correct?
If either your address or social security number is not correct, you will
need to inform the Office of Admissions and Records and complete the appropriate form. In
addition, you need to E-Mail us at tra@glendale.edu
or leave a message at (818) 240-1000 X1098 so a new 1098-T form can be reissued. Be
sure to include your student ID and social security numbers with your request.
How can I find out the amount of fees that were paid?
Box 1 on the 1098-T form you received is the amount of fees paid.
Where can I get more information?
You can get more information from one of the following sources:
Your tax advisor/preparer
IRS publication 970, Tax Benefits for Higher Education
IRS form 8863, Education Credits
The IRS has a website where publications and forms can be obtained. It is
at
http://www.irs.ustreas.gov/individuals/index.html.
The IRS also has a taxpayer advice telephone number at (800) 829-1040.
Any other questions?
E-Mail us at tra@glendale.edu
or leave a message at (818) 240-1000 X1098. Be sure to include your student ID
and social security numbers. |
