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According to IRS Publication 970, the amount of each credit is determined by the amount you pay for qualified tuition and related expenses for eligible students and the amount of your modified adjusted gross income. These credits are subtracted from your tax but they are non-refundable. This means if the credits are more than your tax, the excess is not refunded to you.
You will have to show the eligible student’s name and taxpayer identification number (usually a social security number) on your return. You, your spouse, or an eligible dependent can be an eligible student. The student must be enrolled at an eligible educational institution for at least one academic period (semester, trimester, quarter) during the year. An eligible dependent is a person for whom you claim a dependency exemption. It generally includes your unmarried child who is under age 19 or who is a full-time student under age 24 if you supply more than half the child’s support for the year. An eligible educational institution generally includes any accredited public, nonprofit, or proprietary post secondary institution eligible to participate in the student aid programs administered by the Department of Education.
Qualified tuition and related expenses are tuition and fees required for enrollment or attendance at an eligible educational institution. Qualified expenses do not include books, room and board, student activities, athletics (unless the course is part of the student’s degree program), insurance, equipment, transportation, or other similar personal, living, or family expenses. If you pay for qualified tuition and related expenses for an academic period that begins in the first three months of the following year, you can use the prepaid amount in figuring your credit.
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