The Taxpayer Relief Act of 1997 contains two Federal Tax Credits for taxpayers who pay college tuition for themselves, a spouse, or a dependent student. Final IRS regulations governing these credits have not yet been issued. Accordingly, the following summary represents our best interpretation of the provisions of the Act and is subject to change or modification for subsequent years.
Amounts paid are to be offset by any refunds or reimbursements received.
This tax credit is available only for the first two years of a student's college education. If you have specific questions regarding your eligibility or tax situation, you should consult the services of an attorney or qualifed tax advisor. Also, both credits cannot be claimed for the same student in the same tax year . In order to claim either of these credits, you must file IRS Form 8863 with your 1999 Federal Income Tax return.