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The Internal Revenue Code, as amended by the Tax Relief Act of 1997, provides
for tax credits for certain educational expenses. UCSB Extension students
may be eligible for one of these tax credits if their adjusted gross income
(AGI) for the current tax year is $50,000 or less ($100,000 or less if filing
jointly). If their AGI is $40,000 or less ($80,000 if filing jointly), they
may be eligible to receive the full benefit from either of the following credits:
- Lifetime Learning Credit
Fees paid for UCSB Extension credit- or CEU-bearing courses may qualify
for a 20% tax credit for the first $10,000 of tuition and fees paid by the
student. Charges and portions of fees covering books, materials, meals, insurance,
lodging, and travel are not allowed.
- Hope Scholarship credit
This credit is for students enrolled in their first two years of postsecondary
degree certificate or credential education who are studying at least half-time
(6 quarter units or more taken within the same quarter). Students, or their parents
if the student is claimed as a dependent, may be eligible for a 100% tax credit
for the first $1,000 of qualified tuition and fees paid. They might also be eligible
to receive an additional 50% credit for the second $1,000 of qualified tuition
fees paid. Charges and portions of fees paid for books, materials, insurance,
lodging, and travel are not allowed.
- Information Returns
As required by law, UCSB Extension will provide the IRS with information
on students who have paid fees that qualify for the Lifetime Learning and
Hope Scholarship Credits. Students will receive a corresponding report form
1098-T on or around February 1. A summary listing of qualifying fees paid
will also be mailed. Contact:
- Social Security Numbers
Students are prompted for their Social Security number at the time of enrollment
to ensure accurate reporting to the IRS. SSN disclosure is mandatory. The
University is required by federal law to report your SSN and other pertinent
information to the Internal Revenue Service pursuant to the reporting requirements
imposed by the Taxpayer Relief Act of 1997. The University also will use
the SSN you provide to verify your identity. This notification is provided
to you as required by the Federal Privacy Act of 1974.
If you find we have recorded an incorrect number, please provide us
with written notice of the correct number. If you plan to seek tax deductions
for educational expenses, we urge you to save your receipts.
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