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About Education Tax Credits

Undergraduate | Graduate | Doctoral

Murray State is required to provide 1098-E tax forms to students with loan interest paid to Murray State during the calendar year just ended, and 1098-T forms to students with qualified charges or qualified aid posted during the calendar year just ended, by January 31st of the following year. Forms will be mailed unless the student has elected to receive their tax forms electronically.

 

1098-E: Loan Interest

SUMMARY: Under the 1997 Taxpayer Relief Act, beginning January 1, 1998 taxpayers who have taken loans to pay the cost of attending an eligible educational institution for themselves, their spouses or their dependents, may be eligible to deduct interest they have paid on these student loans.

No Murray State employees may give tax advice regarding these credits. If you are unsure about your eligibility, please consult with a qualified tax preparer.

For information about eligibility and filing for credits, please refer to IRS Publication 970: 'Tax Benefits for Higher Education.' Additional publications and forms are available at: http://www.irs.gov/Forms-&-Pubs.

1098-T: Qualified Tuition and Related Expenses

In January of each year, Murray State sends IRS Form 1098-T to students with qualified tuition and fees or financial aid posted to their student accounts during the calendar year just ended.

This form is used to document education tax credits on United States federal income tax returns. The majority of international students are NOT eligible to claim education expense tax credits on their federal tax forms ...

Summary: The Hope Scholarship, American Opportunity, and the Lifetime Learning credits are available to qualified persons who pay higher education costs. The amount of each credit is determined by the amount you pay for qualified tuition and related expenses for students and the amount of your modified adjusted gross income.

No Murray State employee may give tax advice regarding these credits. If you are unsure about your eligibility, please consult with a qualified tax preparer.

For information about eligibility and filing for credits please refer to IRS Publication 970: 'Tax benefits for Higher Education.' Additional publications and forms are available at: http://www.irs.gov/Forms-&-Pubs. You may also wish to review IRS Publication "7.4 Child Care Credit/Other Credits: Hope & Life Time Learning Educational Credits".

 

IRS Information about Educational Tax Credits

The IRS has an online FAQ Tax Questions & Answers webpage which you may also wish to review. Be sure to see the section about "Child Care Credit/Other Credits: Hope & Life Time Learning Educational Credits.

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