Tax Info for Current Students

Because the IRS allows the first 3 months of 2010 to be included on the 1098-T statement, Box 7 will be checked if any of the numbers (payments or charges) may include 2010 data.  This makes things a bit messy since the data may not actually match what happened in 2009.  When you file your taxes, you will NOT attach the 1098-T that you receive – it is supposed to help you figure the credit.  Confused yet? 

This can be simpler - students should generally take the tuition that they paid in 2009 (Spring 2009 and Fall 2009) and subtract any scholarships, grants or other tax-free educational assistance  received for those terms.   The remaining amount that was paid, either through student loans or “real money” is the number to use for claiming the Lifetime Learning Tax Credit.  Current students should go through MyAccess and print a copy of their Fall 2009 and Spring 2009 bills and keep them with their tax records.   Please see IRS Publication 970 and review this IRS Flowchart for more details. 

Tax Info for May  2009 Graduates

May 2009 graduates may not receive a 1098-T form this year because Spring 2009 tuition was billed at the end of calendar year 2008, or if a statement was received it may not include any tuition charges at all. 

To provide Georgetown Law students the most flexibility regarding the Lifetime Learning Tax Credit, the Financial Aid Office schedules spring semester student loan disbursements in January.  Graduates who borrowed student loans for (or paid) Spring 2009 tuition, and otherwise qualify, are still eligible for the Lifetime Learning Credit (or Tuition and Fees Deduction) even though they will not receive a 2009 1098-T form.  Please see IRS Publication 970 and review this IRS Flowchart for more details.

Tax filers are not required to include 1098-T forms with their tax return submissions.  However, you are encouraged to keep a copy of your Spring bill showing your loan credits or other payments as evidence of your tuition payments should the IRS have questions about your return.  If you need a copy of your Spring 2009 bill, Georgetown Law Student Accounts can re-print one for you by calling 202-662-9057.

In addition, graduates that consolidated their federal loans should receive a 1098-E interest statement from the lender indicating the amount of interest that was capitalized when the consolidation occurred.  For many graduates, this could represent approximately $2,000 that may be deducted for the 2008 tax year.  Please see the Student Loan Interest Deduction section of IRS Publication 970 for more details.

If you have other questions about your 1098-T, please contact the Office of Student Accounts.