HOPE SCHOLARSHIP TAX CREDIT
LIFETIME LEARNING TAX CREDITS
The Taxpayer Relief Act of 1997 created two Federal income tax credits for eligible taxpayers paying qualified tuition and related expenses. Both the American Opportunity Tax Credit (formerly the Hope Scholarship Tax Credit) and the Lifetime Learning Tax Credit are claimed on a student's or parent's personal individual income tax Form 1040. More detailed information and instructions can be found on IRS Form 8863 (Education Credits) and Publication 970 (Tax Benefits for Higher Education), which are available at the IRS website http://www.irs.gov. Additional information can also be found at the website of the National Association of College and University Business Officers at http://www.nacubo.org.
Under the provisions of this law, William Paterson University is required to report to students and to the Internal Revenue Service (IRS) certain information on a 1098-T Tuition Statement (see information). Please note that eligible educational institutions may choose to report payments received (box 1), or amounts billed (box 2), for qualified tuition and related expenses. The University reports the amounts billed (box 2); therefore the payments received (box 1) will be zero.
You can review your 1098-T form on-line at http://www.wpunj.edu/ebill by logging into TouchNet Bill+Payment. Under “My Account”, go to the “Statements” section where you can view and print your 1098-T Statement. Please note that you must have Adobe Acrobat Reader 8.x or higher to view your statement.
Copy B of the 1098-T form for the 2013 tax year will also be mailed to the permanent home address of all eligible students who elected a paper form on January 31, 2014.