We would like to remind you of the Federal educational tax benefits for which you may be eligible. Taking full advantage of these tax benefits would help reduce your higher education expenses.
The following information is intended for educational purposes and should not be considered legal or tax advice. Please consult your professional tax advisor or attorney for more information and to determine your eligibility. The University cannot provide legal or tax advice to individuals.
To help students and their parents, the Internal Revenue Service offers the following ways to offset education costs:
-American Opportunity Credit
-Lifetime Learning Credit
-Tuition and Fees Deduction
-Student Loan Interest Deduction
For more information on the education benefits listed above, see Publication 970, Tax Benefits for Education or call the Internal Revenue Service (IRS) at 800-TAX-FORM (800-829-3676).
Form 1098-T is mailed by Jan. 31 each year to all students who had qualified tuition and other related educational expenses paid during the previous calendar year . Please review your account activity in UVAPay to obtain a record of your payment information; you will need this payment information to calculate your tax credits. Parents, if your student has not set you up as an authorized user in UVAPay, we recommend you request your student to do so at this time. If the student requested to access the document electronically through SIS, a physical form will not be mailed.
If you have any questions about your eligibility for these tax benefits, please contact the IRS or your professional tax advisor or attorney.
Lifetime Learning Tax Credit
This is a tax credit and NOT a scholarship. According to IRS guidance, the Lifetime Learning tax credit applies to students who are enrolled in one or more courses at an eligible educational institution. The course or courses must be either part of a postsecondary degree program or taken by the student to acquire or improve job skills. UVA is an eligible educational institution.
There are many other details surrounding the Hope and Lifetime Learning Tax Credits. We recommend that you contact your own tax professional to see if you qualify for these credits. Unfortunately, the University cannot provide tax advice. You can also contact the IRS' Office of Public Liaison at 202-622-2970 or view Publication 970 for further information.