Education Tax Credits

University of Richmond 1098T Supplemental Information

The 1098T contains important income tax information that is being furnished to the Internal Revenue Service.

Form 1098T is furnished to assist you and your tax preparer in calculating any education tax credits that you may be eligible for and completing Form 8863 which attaches to your tax return. This form reports the qualified tuition and related expenses billed to you by the University of Richmond during the calendar year that ends December 31, 2009. Under Internal Revenue Code Section 25A, you may be eligible to claim an education tax credit for qualified tuition and related expenses actually paid during the 2009 tax year. Form 1098-T will be mailed to all qualifying students no later than January 31, 2010.

This form also reports the amount of scholarships or grants that you have received during the 2009 tax year. You may not be able to claim a tax credit for the entire amount of qualified tuition and related expenses paid by you during the year since these scholarships or grants will have reduced the amount you paid.

The following situations may affect the amount of education tax credits available to you:

1. The amount of any grants and scholarships received but not administered through the University of Richmond may reduce the amount of an allowable education tax credit for the taxable year.
2. The amount of any reductions in charges for qualified tuition and related expenses, or any reduction in the amount of scholarships or grants, reported by the University of Richmond to you may affect the amount of any allowable education tax credit for the taxable year.
3. Any reimbursements or refunds of qualified tuition and related expenses reported by an insurer may reduce the amount of any allowable education tax credit for the taxable year.

For questions on the amounts shown on Form 1098-T, call Student Accounts toll free (866) 241-8893 or (804) 289-8147. The decision as to whether you qualify for either the Hope Scholarship or Lifetime Learning tax credits should be determined in consultation with your personal tax advisor or the Internal Revenue Service. The University of Richmond cannot make this determination for you.

How to view your 1098-T:
Log onto Banner Web, https://bannerweb.richmond.edu At the main menu select Student Services . Select Student Records; Tax Notification . Enter Tax Year 2009 . This information will be available in late January 2010 .

How to retrieve your payment history:
Log onto Banner Web, https://bannerweb.richmond.edu At the main menu select Student Services . Select Student Records; Account Summary by Term .

Information sites:
United States Dept. of Education - www.ed.gov/offices/OPE/PPI/HOPE/index.html
IRS - www.irs.gov
IRS form 8863 - http://www.irs.gov/pub/irs-pdf/f8863.pdf This form will be updated in 2010.

Send your comments or questions to bursar@richmond.edu