Tax Info

General Information

The tax code provides a variety of tax incentives for families who are saving for, or already paying, higher education costs or are repaying student loans.   Information on the various tax credits available can be found in IRS Publication 970.  The most current version of the form can be found at the IRS website Tax Benefits for Education Information Center.

In late January of each year, an IRS form 1098-T, an email notification with instructions will be sent to students who qualified during the previous calendar year.  UofL has contracted with TCRS to email the IRS 1098-T forms to our student and provide web access to the IRS 1098-T information supplied to the Internal Revenue Service.

UofL has elected to report by the "Amount Billed" method.  This method reports all tuition and related charges assessed during the 2017 calendar year.  Spring 2018 Continuing Registration students who had applicable charges assessed in calendar year 2017 (between the dates of January 1, 2017 and December 31, 2017) WILL have these amounts reported on the 2017 IRS 1098-T form.  The IRS form 1098-T will be provided electronically and available 24/7 through online access via your UofL ULink account.  Spring 2018 Continuing Registration students who had applicable charges assessed in calendar year 2018 (between January 1, 2018 and December 31, 2018) WILL NOT have these amounts reported on the 2017 IRS 1098-T form. 

On-line access to the 1098-T information is available at TCRS. You will need your SSN to access the information and you will be assigned a TCRS-PIN (not your UofL PIN) AFTER your first login. The University of Louisville is a Limited Service School with TCRS and has chosen only certain aspects of TCRS services. You will ONLY have access to review and print your 1098-T.

Qualified Educational Expenses

For tax purposes, qualified education expenses are academically related fees paid to attend your campus and include only out of pocket expenses. Qualified education expenses for tax year are tuition, all mandatory student fees, and all course fees and lab fees. Charges related to room, board, activity fees, books, equipment, insurance or other personal living expenses are not allowed when claiming education credits.  The University of Louisville reports these amounts to students each year on the 1098T form.  Funds paid from a qualified 529 plan may have additional qualified expenses that are eligible.  Check IRS Publication 970 for more information.

Disclaimer

The University of Louisville is not qualified to provide legal and/or tax advice. The information provided may or may not reflect recent revisions in IRS regulations. For tax advice on your specific situation, contact a tax professional. For additional information regarding the education tax credits you can call the IRS at 1-800-829-1040. You can also refer to Form 8863, Education Credits (American Opportunity and Lifetime Learning Credits) for more information regarding how to calculate and claim the education tax credit and the loan interest deduction.

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