Tax Credits Overview

In August 1997, the Taxpayer Relief Act of 1997 (TRA97) was signed into law.  This law established the Hope and Lifetime Learning tax credits.  TRA97 created two education tax credits for students and families:

  • The Hope Tax Credit provides up to $1,500 per student for qualified tuition and related expenses for the first two years of post-secondary education.  To be eligible, students must be enrolled at least half-time in a degree or certificate-granting program. 
  • The Lifetime Learning tax credit is more broadly applicable to post-secondary education.  It provides a credit equal to 20% of qualified expenses of no more than $10,000 per taxpayer (i.e., family).
NOTE:  It is up to each taxpayer to determine eligibility for the credits and how to calculate them.  Galveston College cannot advise you on how to claim the credit. 

1098T

The 1098-T is an informational form letting you know what information has been sent to the IRS.  A 1098-T is sent to each student who was invoiced or had billing adjustments for college-credit classes.  The forms are sent to the students’ address on file with Galveston College as of December of the current year.  GC is required by the IRS to issue 1098-Ts.  The amounts reported in boxes 2 through 5 reflect transactions which occurred from 01/01/YYYY through 12/31/YYYY.

If you did not receive a 1098-T due to a change of address, you must first update your address by accessing the Student Whitecaps Portal, www.gc.edu. You may also obtain a duplicate 1098-T by selecting the Self-Service tab, then click on Student Financial Information and click View My 1098-T Forms. If your address has been updated through Admissions and Records, you may contact the Business Office directly at 409-944-1326 and request a duplicate 1098-T to be mailed out to you.

A&SBS, Inc. (ASBSI) is unique in meeting all the reporting challenges and mandates of the Taxpayer Relief Act of 1997.  The principles, staff, and other company resources comply with all IRS reporting requirements on a turn-key low-cost basis for all service users. They also conveniently interface with the academic, governmental, and commercial aspects of TRA97.  In an effort to determine which post-secondary educational expenditures are tax deductions to taxpayers, the Internal Revenue Service requires certain tuition payment information to be reported by colleges, universities, and other post-secondary educational entities. 

808 Travis, Suite 913
Houston, TX 77002
Phone:  713-773-4447
Fax:  713-222-7700
http://www.asbsi.com/
E-Mail: eerwin@sprintmail.com

For more information available through the IRS on both the tax credits and the 1098-T, click on http://www.irs.gov/publications/p970/index.html.

Updated 7/11/2013 - Content Author mmedina