These two new tax credits are based on payments made for tuition and certain academic related costs. While the Treasury Department has not yet issued regulations covering these tax credits, Bradley University wants to communicate the information that is currently available in order for you to make informed decisions for your student in this upcoming academic year. Applies to the first 2 years of postsecondary education. Applies to students enrolled at least halftime for at least one semester during the year. Full time is l2 hours in fall and spring semesters and 6 hours in the summer semesters.
Qualified costs are tuition and academic course fees.
Only the student or the taxpayer that claims the student as an exemption on their tax return can claim the credit. Married taxpayers must file jointly to be eligible for the credit. Payments must be paid by the taxpayer to Bradley University. Payments made by the student are attributed to the parent if student is claimed as dependent on their tax return. The proceeds of student and parent loans flowing through the student's account are considered payments by the taxpayer.