IMPORTANT TAX INFORMATION
The Federal Tax Relief Act of 1997 may provide an opportunity for tax savings through the Hope Scholarship and Lifetime Learning Tax Credit. The Hope Scholarship has a maximum tax credit which is available for students in either the first or second year of post-secondary education when the tax year begins. The student must be enrolled at least half-time and only qualified expenses incurred are eligible. The Lifetime Learning Credit is calculated on a per-family, rather than a per-student basis and has a maximum credit per year for each qualifying family.
During the latter part of January, the IRS 1098-T form and a Tuition Payment Statement will be mailed to students to their permanent address (not billing address) who were enrolled at The University of Tennessee@ Chattanooga for at least half-time during the calendar year. This 1098-T form will only state the amount billed to the student for qualified tuition and related expenses less any related reimbursements or refunds for the calendar year, the total of all scholarships and/or grants administered and processed by the University of Tennessee @ Chattanooga, whether the student was half-time and whether the student was exclusively a professional student. Duplicate 1098-T forms may be obtained at the University of Tennessee 1098 Retrieval System site.
If you feel you will qualify for the tax credit, and did not keep copies of your receipts or statements, copies may be obtained by accessing your student information via your MOCS NET account @ www.utc.edu.
Please make certain that your permanent address is correct to ensure prompt receipt of this important tax information. Permanent address changes must be submitted to the Records and Registration Office, 109 Race Hall or changed online @ http://www.utc.edu/Administration/Records/InformationUpdate.php.
For tax advice, please consult with your tax advisor, a CPA or the IRS. For further information, you may call the IRS at 1-800-829-1040 or read more information at the following web site: http://www.irs.gov.