Northern Virginia Community College
   

 

Frequently Asked Questions

HOPE SCHOLARSHIP AND LIFETIME LEARNING TAX CREDITS

GENERAL INFORMATION

NVCC Tax Information Office: 703-323-2402

  1. Who will receive the information reports from the College?

    By February 1 of each year, the College will mail information reports, 1098-T form, as required by IRS, to any student who paid tuition for credit courses during the prior tax year.  (See Question 6 below.)

  2. Will information reports be mailed to students who did not provide the College with a Social Security Number or Individual Taxpayer Identification Number?

    The College will mail an information report, 1098-T form, to students who have not provided the College with a SSN or ITIN. These students may use the information provided on the information report to determine their eligibility for the education tax credits.

  3. Will information reports be mailed to Continuing education, non credit enrolled students?

    The College will NOT mail the information reports to students who made payments for non credit courses. IRS Notice 98-49 provided that eligible postsecondary institutions were required to mail information reports only to students enrolled in credit courses.

  4. Do payments for the next Spring's enrollments count if they are made by December 31 of the prior tax year ? Will they be part of the prior tax year's information report?

    Yes. Any qualified educational expenses paid between January 1 until December 31 will count. If a student is enrolling during the first three months of the tax year and paid the tuition for those courses by December 31, the qualified expenses paid will be reported for the Hope Scholarship Tax Credit for the tax year. The credit is taken in the year the expenses are paid and education either begins that year, or the first three months of the following year. For students who are not eligible for the Hope Scholarship Tax Credit, the expenses may qualify for the Lifetime Learning Tax Credit.

  5. What is the information report?

The form is a 1098-T form published by IRS. The mailing is being coordinated by the Virginia Community College System in Richmond. The College must report certain required information. The form includes the following required information:
  1. Student's name and address (required)
  2. Social Security Number or Individual Taxpayer Identification Number (SSN/ITIN) (required)
  3. Half-time enrollment (required)
  4. Graduate student (required) -  note that none of NVCC's students will be reported as graduate students.
  5. Institutional Contact  -  Tax Information Office
  6. Institutional Contact Telephone Number  -  703-323-2402
  7. Institutional Employer Identification Number (required)
  1. When will the information reports be mailed to students?

    The information reports were mailed by February 1 so that students will receive them by mid-February.  If a student's address is not current on the College's system or was changed after mid-January, the student might not receive an information report.

    On March 1, the VCCS will also be reporting to the IRS the same required information as mailed to the student.

  2. Will corrected or amended information reports be mailed to students?

    It is not anticipated that corrected or amended information reports will be mailed to students. The exception would be if we improperly recorded information that the student provided to us in the Student Information System. Otherwise the student may simply make corrections to the 1098-T form for his/her own records. The 1098-T is to be used to help the student calculate the tax credit. It does not have to be attached to the submitted tax form. However, the calculation form, 8863 Education Credits, is completed and attached to the tax form upon submission.

    In the case of information that was incorrectly entered by the College, the student may call the Tax Information Office at 703-323-2402. This information does not include updates to information such as address, social security number, etc.

  3. Will any other information be reported on the taxpayer's 1098-T form?

    The College may provide some additional information to assist the taxpayer in determining his or her eligibility for the tax credits. This information is also available from the college's web page at http://www.nvcc.edu/admissions. This optional information may include:

    a. Qualified educational expenses paid between January 1 and December 31.
    b. Gift aid (scholarships and grants) and refunds for tuitions/fees received between January 1 and December 31.

  4. How many credits does a student have to pay for in order to qualify for the tax credits?
  1. Hope Scholarship Tax Credit: Must enroll at least half time in at least one term of enrollment
    Note that Spring semester of the year after the tax reporting year will only count if the student paid for qualified expenses by December 31 (within the tax reporting year).
  2. Liftetime Learning Tax Credit: Must be enrolled in at least one term, credit or non credit course. Does not have to be half-time. Tuition must have been paid in the tax year that is being filed.
  1. What information will the Tax Information Office provide?

The Tax Information Office at 703-323-2402 will answer questions about the information provided on the 1098-T form mailed to students.

The Office will be open for calls as of February 1 until April 15.  Office hours are 10 am to 3 pm.

The Tax Information Office will:

  1. Provide basic information on the Hope Scholarship and Lifetime Learning Tax Credits
  2. Clarify information on the Information Report (1098-T)
  3. Explain to students how to provide or correct their SSN/ITIN.
  4. Make updates to student address information in the mainframe.
  5. Tell students where and how to obtain IRS forms to determine if they may qualify for the education tax credits.

The Tax Information Office will not provide:

  1. Any tax advice or guidance.
  2. Corrected or Amended Information Reports unless the College's information was recorded in error.
  3. Information on other education tax credits that were part of the Taxpayer Relief Act of 1997 or subsequent amendments.
  1. What other information resources are available to a student?
    1. Tax Information Office, Monday - Friday, 10 am to 3 pm, February 1 to April 15.
      Telephone: 703-323-2402.
    2. For Perkins Student Loan Interest Deductions: University Accounting Services at: 1-800-999-6227.
    3. The College's Web Site: Under Admissions, then Education Tax Credits
    4. National Association of Student Financial Aid Administrators (NASFAA) website: http://www.nasfaa.org/.  This site offers information under its public page for parents and students on financial aid opportunities and includes information on the Hope Scholarship and Lifetime Learning Tax Credits.
    5. IRS Resources:

      Hope Tax Information on the IRS Website
      IRS Tax Information for Students
      Tax Benefits for Education - Publication 970
      IRS Form 8863 in PDF format       (Adobe Acrobat < needed to read the forms)

 

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