Tax Credits
Hope Scholarship - Taxpayer Relief Act of 1997 Provides Tax Credits for Student Tuition:
The Hope Scholarship Credit became effective January 1, 1998, and allows up to a $1,500 maximum tax credit per year for the first two years of post secondary education for each individual student. The Lifetime Learning Credit began July 1, 1998, and allows up to a $2,000 cumulative maximum tax credit per year for all students in a taxpayer's family.
Qualified Tuition and Related Expenses
Qualified tuition and related expenses are tuition and fees (except for Health Service, and Student Insurance fees) a student must pay to be enrolled at or attend Georgia Institute of Technology. The following are not qualified tuition and related expenses:
- Charges and fees for room, board, student insurance, health services, transportation, and similar personal, living, or family expenses.
- Amounts paid for any course or other education involving sports, games, or hobbies unless the course or other education is part of the student's degree program or is taken to acquire or improve job skills.
Specific Instructions for Form 1098-T
As an eligible educational institution Georgia Institute of Technology is required to file Form 1098-T for each student who is enrolled for any semester during the calendar year. For more information about the deduction or credit see IRS Publication 970, Tax Benefits for Education, Form 8863, Education Credits, and the Form 1040 or 1040A instructions.
Box 1. By statute we do not report in Box 1 and is left blank since we report in Box 2.
Box 2. Amount billed during the calendar year for qualified tuition and related expenses less health service fees and student insurance charges.
Box 3. Adjustments in charges made for a prior year for qualified tuition and related expenses made during the calendar year that relate to qualified charges billed that were reported for a prior year.
Box 4. Scholarships or grants processed during the calendar year for the payment of the student's cost of attendance. This includes all awards eligible to pay tuition, general fees, outreach fees, material charges, and writing exams.
Box 5. Adjustments to the amount of scholarships and grants that were reported in a prior year.
Box 6. If this box is checked, the amount in box 2 includes amounts for an academic period beginning January - March, if the December billing statement included the Spring Semester.
Box 7. We do not report in box 7.
Box 8. If this box is checked, the student was at least half-time during any academic period that began in the calendar year.
Box 9. If this box is checked, the student was a Graduate student during Spring, Summer, or Fall Semesters of the year.
For more information, please visit our FAQs section on the 1098-T and the US Government’s IRS Web site at: Tax Information for Students or call (800) TAX-1040 or (800) TAX-FORM.
A copy of your 1098-T can be found on the Georgia Tech Oscar system, and can be accessed as follows:
- Go to: Georgia Tech Web Access System
- Click on: *Secured Access Login* and (login using your gt ID#and pin).
- Click on: *Student Services and Financial Aid*
- Click on: *Student Records*
- Click on: *Tax Notification*
- Enter a Tax Year
- Click on: Submit