To review your tax information online:
In Banner Web Self Service, Select Enter Secure Area
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In Main Menu, Choose Student Services
From this link, Choose Student Records & Account Information
Choose Select Tax Year
Enter the Tax Year and Submit
Choose Tax Notification
View or print the information. The forms and information available are the Form 1098-T, a tax report description, detail of amounts billed, detail of scholarships or grants, detail of cash/credit card payments, and detail of financial aid loans.
The following information was prepared to inform current students about the tax credits contained in the Tax Relief Act of 1997. It is based upon our understanding of the provisions contained in the law and is not an official document. Taxpayers should rely upon the advice of their tax professional or the Internal Revenue Service.
The Congress and the President adopted the Taxpayers Relief Act (TRA) of 1997 during October of 1997. New tax benefits are available to help families meet the cost of post-secondary education. The following tax benefits are available to the student, student’s spouse, or taxpayer that claims the student as a dependent. Only one of the following benefits may be used for a student each tax year.
Hope Scholarship Credit
The Hope Scholarship Credit is a tax credit, NOT a scholarship. The Hope credit is available on a per-student basis. It can be claimed only for two tax years and applies only to the first two years of post-secondary education. You can claim a Hope credit only for eligible students who meet all of the following requirements:
- Enrolled during the first two years of post-secondary education. Thus, it is not applicable to graduate or professional school students.
- Enrollment at least part-time during at least one academic period that begins during a tax year. This part-time standard is set by the institution.
- Enrolled in a program that leads to a degree, certificate, or other recognized educational credential.
- Enrolled at an eligible institution.
A $1,500 per year maximum nonrefundable credit benefit is available for qualified higher education qualified expenses (i.e. 100% of the first $1,000 paid and 50% of the second $1,000 paid).
Lifetime Learning Credit
The Lifetime Learning Tax Credit is available to certain taxpayers for qualified tuition and fees paid during the tax year, for academic terms beginning after December 31, 1998. This credit applies to tuition and fees paid for undergraduate, graduate, and continuing-education course work. Scholarships, grants, and other tax-free tuition benefits such as tuition remission offset eligible education expenses. Unlike the Hope Credit:
- The lifetime learning credit is not based on the student’s workload. It is allowed for one or more courses.
- The lifetime learning credit is not limited to students in the first two years of post- secondary education. Expenses for graduate-level degree work are eligible.
- There is no limit on the number of years for which the lifetime learning credit can be claimed for each student.
- The amount the taxpayer is able to claim as a lifetime learning credit does not vary (increase) based on the number of students for whom you pay qualified expenses.
The taxpayer can claim on their tax return a nonrefundable credit equal to 20% of $5,000 of educational expenses. Thus, the maximum benefit is $1,000 each tax year.
To be eligible for the Hope or Lifetime Learning credit, qualified tuition and fees must be paid by the taxpayer to an eligible educational institution. Qualified tuition and fees are the tuition and fees an individual is required to pay in order to be enrolled at or attend an eligible educational institution. Fees that qualify are students activity fees, campus center fees, technology fees, and course fees charged for a term, (Example: art fee $20.00.)
Expenses not eligible for tax credit include; room, board, athletics, insurance, books, equipment, transportation and similar personal, living or family expenses. Also not eligible for tax credit are fees paid for sports, games or hobbies, unless the course is part of the student’s degree program.
Qualified tuition and fees paid with loans are considered the same as check or cash payments. Payments made by the taxpayer’s dependents are treated as being made by the taxpayer. Qualified tuition and fees paid with state or federal grants, scholarships, or other gift aid may not be used to calculate a credit.
The information provided by the College of Saint Benedict and Saint John’s University does not represent tax or legal advice. Please consult with your tax professional or the Internal Revenue Service (IRS) if you need guidance with respect to determining eligibility or identifying allowable payments of qualified tuition or fees. For further information on the Hope or Lifetime Learning Tax Credits, please refer to IRS Publication 970, Tax Benefits for Higher Education, and IRS Form 8863, Education Credits, available by calling 1-800-TAX-FORM.