Important Tax Information
The Federal Tax Relief Act of 1997 provides an opportunity for tax savings through the Hope Scholarship and Lifetime Learning Tax Credit.
The Hope Scholarship has a maximum tax credit 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.
In late January, the IRS 1098-T form and a Tuition Payment Statement will be mailed to students to their permanent address (not billing address). All students enrolled at UTC for at least half-time during the calendar year will receive both documents. The 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 UTC, 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, access the information via your MyMocsNet account.
- To receive your tax documents for UTC as quickly as possible, make sure your permanent address is correctly listed on your MyMocsNet account.
- For tax advice, please consult with your tax advisor, a CPA or the IRS. For further information, call the IRS at 1-800-829-1040 or visit their website, irs.gov.