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Financial Aid

Tax Resources

IRS/TAX INFORMATION

TAX RESOURCES:

Internal Revenue Service

www.irs.gov
Request a copy of your tax return at this site. Three different types of tax data are available: tax return transcripts, tax account transcripts and photocopies of tax returns. The Tax Return Transcript is usually sufficient for financial aid purposes and it’s free. Due to new regulations the Financial Aid Office can no longer accept photocopies of tax returns for verification. IRS Forms and Publications can also be downloaded from this site. 1-800-908-9946

Publication 970 —Tax Benefits for Higher Education
http://www.irs.gov/pub/irs-pdf/p970.pdf
This publication explains tax benefits that may be available to you if you are saving or paying education costs for yourself or, in many cases another student who is a member of your immediate family. Most benefits apply only to higher education.

What is in this publication: Chapter 1 explains the tax treatment of various types of educational assistance, including scholarships, fellowships, and tuition reductions. Two tax credits for which you may be eligible are explained in chapters 2 and 3. These benefits, which reduce the amount of income tax you may have to pay, are:

The American Opportunity Credit
The Lifetime Learning Credit

Ten other types of benefits are explained in chapters 4 through 12. With these benefits, you may be able to:

Deduct student loan interest
Receive tax-free treatment of a canceled student loan
Receive tax-free student loan repayment assistance
Deduct tuition and fees for education
• Establish and contribute to a Coverdell Education Savings account (ESA) which features tax-free earnings
• Participate in a Qualified Tuition Program (QTP), which features tax-free earnings
• Take early distributions from any type of Individual Retirement Arrangement (IRA) for education costs without paying the 10% additional tax on early distributions
Cash in savings bonds for education costs without having to pay tax on the interest
Receive tax-free educational benefits from your employer
Take a business deduction for work-related education