The credit can be claimed in two taxable years with respect to any individual enrolled on at least a half-time basis for any portion of the year. The Lifetime Learning Credit picks up where the Hope Scholarship leaves off. The credit is available for net tuition and fees paid for post-secondary enrollment after June 30, 1998. Since the Internal Revenue Service has not made a final determination on what constitutes qualified fees, UNCG is not required to report amounts for qualified tuition and fees. It is only a summary of student account activity.
Eligibility is based on each individual's tax situation.
We have prepared a summary statement of student account activity for 1998 so that you may easily evaluate your eligibility for these educational tax credits. Because this is the first year for which the educational tax credits are available, there will no doubt be confusion about who qualifies for the credit and how to claim the credit if you qualify. To assist you, we have also included some of the more frequently asked questions regarding Form 1098-T and the Hope Scholarship and Lifetime Learning credits. This form is being sent to all students taking credit courses at UNCG during 1998, regardless of whether they are eligible for a tax credit. If you may be claimed as a dependent, then the person providing your financial support may be eligible to claim the credit.