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
-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 agreed to access the document electronically, 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.