1098T (Hope and Lifetime Learning Credits) Tax Information for 2011

1098T tax forms for 2011 will be mailed to eligible students prior to January 31, 2012.  Please keep your address current.

You can view your 1098T information on MYSSU by logging in and clicking on Student / Billing Information / My 1098T Info / Go to My 1098-T Info

The following letter briefly explains the information Shawnee State University provides on the 1098T tax form and some additional reference sites.

Dear Student: 

The educational tax credits and incentives were enacted with passage of the Taxpayer Relief Act of 1997 which will benefit some students and their families.  As part of this law, Shawnee State University is required to provide Form 1098-T to our students and the Internal Revenue Service.  This information will help to determine whether you, or the person who claims you as a dependent, may claim an income tax credit for the Hope or Lifetime Learning credit. 

Form 1098-T provides the following information:
(a) The University’s Name, Address, Federal Identification Number and Telephone Number
(b) The Name, Address, and Social Security Number of the student for whom payments of qualified tuition and related expenses were received
(c) Amounts billed for qualified tuition and related expenses {Box 2}

Represents qualified instructional fees, tuition and related expenses required for the enrollment or attendance at Shawnee State University.  (Charges and fees associated with room, board, parking, student programs, insurance, books, equipment, transportation and similar personal living or family expenses are not qualified tuition and related expenses and are not part of this total).

(d) Scholarships and grants {Box 4}

Represents the amount of “gift” aid you received.  “Gift” aid is defined as grants, scholarships, fee waivers, third party funding.  Loans from Federal, State, Institutional and Private Sources are not considered gift aid and are not part of this total.    

NOTE:  Adjustments to qualified expenses.  If you pay higher education expenses with tax-free funds, you cannot claim a credit for those amounts.  Tax-free funds could include scholarships, Pell grants, employer-provided assistance, and any other nontaxable payments (other than gifts, bequests, or inheritances) received for educational expenses.  You can, however, claim a credit for expenses paid with the student’s earnings, loans, gifts, inheritances, and personal savings. 

Shawnee State University can be contacted at 1-740-351-3279 to answer questions you may have on the financial information displayed on your 1098-T tax form.  Since specific tax advice can only be provided by a tax professional, Shawnee State University encourages you to consult with your own tax advisor to determine whether one of these tax credits is applicable for your situation.  For your convenience we have listed additional toll free telephone numbers, reference materials and web sites where you can obtain further information.

Other Reference Sites:      Reference Materials                                                           Web site Addresses/Phone No.:

Internal Revenue Service    IRS Pub. 970-Tax Benefits For Higher Education                www.irs.ustreas.gov
                                           Tax Form 8863-Education Credits                                       1-800-829-3676 

Student Loan Funding        Tax breaks for college                                                         1-800-477-7532 

US Dept of Education                                                                                                www.ed.gov/offices/OPE/PPI/HOPE/index.html