Hope Scholarship and Lifetime Learning Tax Credit
The Hope Scholarship and Lifetime Learning Tax Credit are tax credit opportunities made available through the Tax Relief Act of 1997.
Northampton Community College bursar's office issues IRS Form 1098T to all students enrolled in credit courses during the calendar year. Forms for the prior tax year are mailed by January 31.
Educational Institutions must choose to report either (Box 1 ) the total payments received or (Box 2) total amounts billed for qualified tuition and related expenses. Only one of these boxes is to be reported.
Your 1098T will report (Box 2) qualified tuition and related expenses that have been billed for the calendar year. For an explanation of what expenses qualify for the credit, please go to IRS Form 8863 or Pub. 970 or click on the website links below.
Box 1 -- This box will be blank. Form 1098T will not report amounts paid by the student. For information regarding payments you made, please refer to your records or you may obtain a student statement of account for the semesters you attended through the Spartan Net online registration system. We regret that we cannot mail statements for tax purposes. Please do not request that a statement be mailed.
To obtain your statement through Spartan Net:
- You will need your Student Password and Pin #
- Login to your account on the Spartan Net on-line data system
- Choose "Set Options"
- select the proper session and year
- Set the Program to "CRED"
- Click "Submit Options"
- Go to "Tuition Bill/Schedule
- Repeat for each Session needed
- If you forgot your password, you will need to contact the Records Office to request a new password. Passwords cannot be given over the telephone.
Box 2 will report total amount of qualified tuition and related expenses billed during the calendar year less any related reductions in charges. See IRS Form 8863 or Pub. 970 for an explanation of the expenses that qualify for the tax credit.
Box 3 shows reductions to qualified expenses that were reported in the previous tax year. This amount may reduce any allowable education credit you may claim for the prior year. See IRS Form 8863 or Pub. 970 for more information.
Box 4 shows total grants and scholarships received and processed by NCC on your behalf. This also includes payments we receive from the trade act, workforce investment, and miscellaneous tuition assistance plans. The amount of scholarships or grants for the calendar year (including those not reported by NCC) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year.
Box 5 shows any reductions to grants and scholarships received in the previous tax year. This amount may affect the amount of any allowable tuition and fees deduction or educational credit you may claim for the prior year. See IRS Form 8863 for how to report these amounts.
Box 6 is blank as we are not reporting amounts billed for the next calendar year.
Box 7 is blank as NCC is not an insurer.
Box 8 shows whether you are considered to be carrying at least one-half the normal full-time workload for your couse of study at your school. In order to be considered half-time at NCC, you must complete 6 or more credit hours for one full semester.
Box 9 is blank as NCC is an undergraduate institution.
Form 1098T is not issued to students who have dropped all courses, taken only non-credit courses, are covered under a formal billing arrangement or are non-resident aliens.
If you do not receive a 1098T and received academic credit during the calendar year reported, you may request a 1098T by sending an email to Bursar@northampton.edu. Please include your full name and student ID#. Forms can only be mailed to the student's mailing address on record. If your address has changed, you will need to update your address with the records office at least one week prior to requesting a 1098T. Proof of address may be required. Forms will be mailed within 2 weeks from the date requested. We regret this information cannot be faxed or disclosed over the telephone.
Dependent students should give this information to the parent (taxpayer) who claims them.
For additional information and explanation regarding the Hope Scholarship and Lifetime Learning Tax Credit, contact your tax advisor or click on the following IRS link Internal Revenue Service to Publication 970. For additional information, click on the links below:
Hope/Lifetime Learning Tax Credit Guides
IRS Notice - Lifetime Learning Tax Credit
IRS Educational Tax Credit Information
2006 Tax Update
