Hope/Lifetime Tax Credit | Help

Certain taxpayers who pay qualified tuition and related expenses can claim a Hope Scholarship Credit or a Lifetime Learning Credit against their federal income tax.

Below is the information about your tuition & related expenses for the tax year displayed. This information is being reported to you on an IRS Form 1098-T mailed to your home address by February 1. (To request a duplicate copy of your IRS Form 1098-T, click the "Request Duplicate" button below.) The IRS is also receiving this same information.

Each category below is referenced by the corresponding box # as it appears on your Form 1098-T. Please note that Box 1 is intentionally left blank. Penn State chose to report tuition billed and not payments received. Box 10 is also left blank.

For general information on tax credits, go to http://www.bursar.psu.edu/taxcredit.cfm

For specific information about the categories listed below, select the Help screen from above.

January 1, 2007-December 31, 2007

1098-T Information :
Tuition and Related Expenses (Box 2) :		23,655.00
Change in Reporting Method (Box 3) :		NO
Prior Year Adjust/Tuition and Related Expenses (Box 4) :		0.00
Scholarships and Grants (Box 5) :		11,650.00
Prior Year Adjust/Scholarships and Grants (Box 6) :		0.00
Tuition Expense for Next Year (Box 7) :		NO
Student at least half-time (Box 8) :		YES
Graduate Student (Box 9) :		YES

(Box 2) Tuition and Related Expenses:

Your payment of these expenses may qualify for tax credits.
Generally, qualified expenses do not include books, room and board, athletics (unless part of student's degree program), insurance, equipment, or other similiar living expenses.

(Box 5) Scholarships and Grants:

These amounts usually offset the amount of qualified tuition and fees eligible for the tax credits.