The American Opportunity and the LifeTime Learning Credits

 

Holloway Hall

The American Opportunity and Lifetime Learning Tax Credits

Salisbury University is working to prepare the 2013 1098-T Tuition Statements.  We anticipate forms being available on GullNet during the week of January 27, 2014.  An email will be sent notifying students the information has been posted.  Paper forms will also be printed and mailed for those who requested them during that week.

Purpose

The American Opportunity and Life Time Learning tax credits were created by the Taxpayer Relief Act of 1997 to help offset the costs of higher education.  To claim the credit, a taxpayer and student must meet eligibility requirements, and Form 8863 must be filed with the taxpayer's federal income tax return.  The American Opportunity Credit was added to the Taxpayer Relief Act in 2011, and for most students, replaces the the American Opportunity.

IRS Form 1098-T

At the end of each calendar year, the University prints and mails to each student the IRS form 1098-T.  This is the form used to provide tax credit related information to the student.  The same information is sent to the IRS via magnetic media. 

For more information on the amounts reported in these boxes, please visit the Amounts Reported on Form 1098-T.  Students may obtain detailed account information used to compute the amounts reported in the 1098-T boxes via their GullNet account.

2012 and prior years' 1098-T information is now available electronically via GullNet. Students must consent to receive the information electronically before the 2010 data will appear on the account.  Data has been loaded for previous years' 1098-T forms for 2003-2008, although detail lines are not available.

If you believe the information on the 1098-T form is incorrect, contact Financial Services by email at 1098T@salisbury.edu or by calling 410-677-5023.   Please note that because we anticipate a large number of calls, you will get a voice mail message asking that you leave your name, contact phone number or email, the student's name, and student identification number.  A staff member will contact you as soon as possible.

The Buckley Amendment, effective November 1974, prohibits the University from releasing student information to anyone other than the student.  Electronic authorization via a FERPA release completed on GullNet, or written authorization from the student must be provided for other interested parties.  Written authorization can be emailed to 1098T@salisbury.edu or mailed to: 

Financial Services
ATTN:  Hope/Life Time
P.O. Box 2195
Salisbury, MD 21802-2195

Salisbury University is providing this information as a service to its students, but please keep in mind it is not an authority on taxation. Therefore, the University is not responsible for any misrepresentation of the IRS regulations. You should consult a tax advisor to determine if you qualify for the credit or for any other related questions.
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