Office of Financial Aid
Tax Credits - Frequently Asked Questions

What is a 1098 -T?

In the same respect that employers must send employees W-2 statements at the end of a tax year, Educational institutions must send students the 1098-T. The 1098-T is used when you or your parents file your income taxes to show eligibility for certain tax credits or deductions.

When will I receive Form 1098-T (the IRS form providing documentation for the tax credit/tax refund)?

Troy University will be mailing these forms by January 31, 2006 as required by the IRS.

What period does this tax credit cover?

The Tax Relief Act of 1997 became effective January 1, 1998 for the Hope Tax Credit and July 1, 1998 for the Lifetime Learning Tax Credit. 1098 - T's mailed on January 31, 2006 will be for the 2005 Tax Year.

How much tax credit will I receive?

Troy University cannot give tax advice. Please refer to IRS Publication 970 and IRS Form 8863 or by calling 1-800-TAX-FORMS.

Yes. Troy University is an eligible institution of Higher Education recognized by the U.S. Department of Education and the IRS.

Can an eligible student claim both a Hope credit and a Lifetime Learning credit for 2005?

No. A student can only claim one or the other tax credit in any given tax year.

I don't know how to calculate my tax credit. Can you help me?

Unfortunately, Troy University is unable to provide tax advice to students or parents. It is the taxpayer's responsibility to determine and document the information used in their tax return. If you need additional assistance, refer to Publication 970 or your tax advisor. Please refer to your 1098 - T, receipts or Student Account Activity Reports received during 2005 for eligible charges and payments.

What if I disagree on the amounts Troy University reported on the 1098-T?

IRS Form 8863 is a worksheet designed to walk the taxpayer through the calculation process. Using your 1098 - T and the worksheet, you should be able to establish if you are eligible and the amount of credit you are eligible to receive.

It is the responsibility of the taxpayer to document and report accurate information to the IRS. The information provided by Troy University will be calculated the same way for all students in a manner which is acceptable to the IRS for the 2005 tax year. Troy University is providing numbers in the required boxes but these may not be accurate for individual taxpayers. It is the responsibility of the taxpayer to document and report accurate information to the IRS according to the instructions on the back of the 1098-T form.

If you need additional information or a Student Account Activity Report, please call Troy University’s 1098 - T Information Line at (334) 670-3109, or for Troy University-Dothan call Lakilya Porter (334) 983-6556, or Troy University-Montgomery call Ray White (334) 241-5454. Troy University will provide you with a detailed history of your student account for the 2005 tax year if you request a Student Account Activity Report. You can request a copy of your Student Account Activity Report in one of three ways:

1. In person by asking at the Business Office at your campus;

2. By fax at (334) 670-3920 (be sure to include the student's name, social security number, and your mailing address) Troy University will not fax 1098 - T information to you;

3. By mail addressed to: Troy University 1098 -T Information Request, 241 Adams Administration Building, Troy, AL 36082.

Office of Financial Aid
134 Adams Administration Building
Troy, Alabama 36082
Phone: 1-800-414-5756
Assistance Available 24 Hours A Day/7 Days A Week