Federal Tax Issues
The Taxpayer Relief Act of 1997 allows a tax credit to be claimed for out-of-pocket payments made to Loyola University New Orleans for the tax year for tuition and certain fees. The IRS requires that we provide the 1098-T statement to you for your use in completing IRS Form 8863
Visit the IRS on YouTube
The Internal Revenue Service (IRS) has a dedicated channel on YouTube.com. Visit their page to view videos on a wide range of topics.
Current Education Benefit Programs
Tax benefits may be available to individuals who are saving or paying education costs. We encourage you to visit the IRS' Tax Benefits for Education Information Center.
Another helpful resource is the 2011 Tax Year - Federal Tax Benefits for Higher Education published by the National Association of Financial Aid Administrators.
EdFund (which is "transitioning" to become known as the Educational Credit Management Corporation or "ECMC") has sent us copies of "A Guide to Federal Tax Benefits for Education" . This is a 12 page brochure that provides additional information on these programs.
Th1s publication is available in our office. Please contact us if you are a parent or a student enrolled in our evening our online programs and you would like us to mail one to you.
The American Recovery and Reinvestment Act of 2009 (H.R. 1)
Under the American Recovery and Reinvestment Act (ARRA) signed into law by President Obama on February 17, 2009, textbook and other course material expenses incurred in 2009 and 2010 that are not covered by scholarship or grant aid may be counted towards the newly created tax credit called the American Opportunity Tax Credit on that year’s tax return.
According to the IRS, the new credit temporarily replaces and expands the previous Hope Credit for tax years 2009 and 2010, making the American Opportunity Tax Credit available to a broader range of taxpayers, including many with higher incomes and those who owe no tax.
- Adds required course materials to the list of qualifying expenses
- Allows the credit to be claimed for the first four post-secondary education years instead of two
Many of those eligible will qualify for the maximum annual credit of $2,500 per student, which is more than $700 higher than the old Hope Credit, and, for the first time, will provide a partial refund of up to $1,000.
On Friday December 17, 2010, President Obama signed into law the Middle Class Tax Relief Act of 2010 which extends several higher education tax benefits., including the American Opportunity Tax Credit Program. Learn more.
"Do I Have to File A Tax Return?"
A College Student's Guide to Taxes:To File or Not to File provides a user friendly overview for students
Publication 17 from the Internal Revenue Service , Your Federal Income Tax- For Individuals, covers the general rules for filing a federal income tax return. It supplements the information contained in your tax form instruction booklet. It explains the tax law to make sure you pay only the tax you owe and no more.
Anyone whose adjusted gross income is $58,000 or less can file federal income tax electronically, absolutely free.
The National Community Tax Coalition
The National Community Tax Coalition seeks to improve the economic well being of low- and moderate-income individuals, families, and communities by building a movement to dramatically increase access to tax credits and benefits and asset-building opportunities. Find out what they are doing in your state
Other Internal Revenue Service ("IRS" ) Publications and Resources
American Opportunity Tax Credit Web Site -The National Association of College Stores has created several new resources for students and parents to increase awareness of the value of the American Opportunity Tax Credit. The American Opportunity Tax Credit, part of the Recovery Act passed earlier this year, temporarily expands and replaces the Hope tax credit in a number of important ways
How to Get Back $2,500 in Tuition Money - from the May 5, 2009 issue of U.S. News and World Reports
- Students should also review the information on the Internal Revenue Service's website on :
- Do You Need to File A Tax Return?
- Is Your Scholarship Taxable? (IRS Publication 970) - see pages 5 and 6
- IRS Publication 17: Your Federal Tax Return
- Federal Taxpayer Identification Numbers (for people without social security numbers who have to file a return)
- IRS Publication 970: Tax Benefits for Education
- Frequently Asked Tax Questions and Answers
- Information for Families Impacted by the 2005 hurricanes
- Publication 525:Taxable and Non-Taxable Incom e- see page 20 for information on reporting funds received through the Road Home program
- FAQ for Hurricane Victims - Grant Proceeds
- Families whose 2008 tax returns include Road Home proceeds should contact their assigned financial aid counselor for further instructions.
- Tax Favored Treatment for Early Distributions from IRAs and other Retirement Plans for Victims of Hurricane Katrina
- Index of publications for impacted families (Publication 4492)
- Education Credits
- Form 8863
IRS in American Sign Language (ASL) - This is the official YouTube channel of the Internal Revenue Service. This channel will feature videos produced by the IRS on various tax administration topics in American Sign Language (ASL).
Updated February 25, 2013