U.S. Tax Benefits | Canadian Tax Benefits | Non-Resident Alien Reporting

As a Calvin Student you may be eligible for the Lifetime Learning Credit or the Hope Scholarship Credit created by the Taxpayers Relief Act of 1997 or the American Opportunity Credit which is an expanded and renamed version of the the Hope Scholarship Credit.

The Lifetime Learning Credit and the Hope Scholarship Credit are tax credits available to individuals who pay qualified tuition and fees in a given year and take courses. Students do not have to be pursuing a degree. Qualifying “out of pocket “expenses include tuition and fees less any grants and scholarships received. It does not include room, board, books, and transportation. The amount of the credit is subtracted directly from the individual's tax liability unlike a tax deduction which reduces taxable income.

You may claim only one of the credits on your taxes per student. Families are able to claim the Lifetime Learning Credit for some members of their families and the Hope Scholarship Credit for others who qualify in the same year. The credits you are allowed may be limited by the amount of your income and the amount of your tax. Only one taxpayer (either student or the parent) may claim these tax credits. Keep in mind, a tax credit reduces the amount of income tax you may have to pay. Unlike a deduction, which reduces the amount of income subject to tax, a credit directly reduces the tax itself.

Learn more about these benefits by clicking on the link to the IRS web site (Publication 970).

The Taxpayer's Relief Act of 1997 requires Calvin College to properly complete and submit Form 1098-T Tuition Payments Statement to the Internal Revenue Service with a copy also provided to the students. The 1098-T forms are mailed to students each year at the end of January. You can access the tax information letter that is sent out with the 1098T at 2009 Tax Form & Supplement Information Letter (.doc, 32Kb)

Please note that Calvin College cannot provide tax advice. Please contact your tax advisor or IRS for questions about the Lifetime Learning Credit or Hope Scholarship Credit. The IRS can be reached at 1-800-829-1040.