Student Business Office (SBO)
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The Taxpayer Relief Act of 1997 created several new
tax benefits, which include the Hope Scholarships credit and the
Lifetime Learning Credit. Both credits allow eligible taxpayers to
claim a tax credit against their federal income tax for qualified
tuition and related expenses. The 1098-T form you receive in the
mail is for your use when preparing your taxes for calendar year
200X.
We strongly encourage students to seek
professional advice regarding eligibility for this tax credit. For
more information please contact the Internal Revenue Service or
your tax consultant.
What’s the 1098T form for?
This form reports tuition charges and financial aid for students
enrolled at College of the Canyons during the calendar year in
courses for which they receive academic credit. The information
reported on the 1098T helps the student evaluate whether he/she is
eligible for Lifetime Learning Credit or Hope Credit.
What should you do with the 1098T Form?
Review the “ Instructions for Student” on the reverse side of
Copy B of the 1098T. Please consult your tax advisor or refer to
IRS publications.
What are these credits?
The credits are explained in IRS Publication 970 on Tax
Benefits for Higher Education.
http://www.irs.ustreas.gov/formspubs/index.html
Does everybody get a 1098T form?
No. If you are a nonresident alien or if you are still
attending high school, you may not get this form. Review IRS
forms, publications or consult your tax advisor for guidance.
I did not receive a 1098T form; what office do I contact?
Contact the Student Business Office, 661-362-3634. Please
provide your name, social security number or student ID # ,and mailing address or you may
come in person and pick up a duplicate copy.
My 1098T amounts are incorrect, what do I do?
Please contact the Student Business Office. We will analyze
your account and issue a corrected 1098T statement if an error was
made What I paid is different from what is
reported?
College of the Canyons, like most community colleges, reports "The
Amount Billed" not the amount paid. . |
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