1098T Form Specifics
Biola University
Hope and Lifetime Learning Tax Credit
1098T- Financial Supplemental
Jones, Kendall Marie, 123-45-6789
January 1 - December 31, 2001
CHARGES
Tuition = 8705.00
Finance Charges = 60.01
Other Charges = 39.00
Registrar Fees = 5.00
PAYMENTS
Scholarships and Grants = -5,250.00
Refunds = 200.00
Loans = -8,892.92
a. Qualified Expenses: Payment of these expenses might qualify for tax credits.
b. Scholarship, Grants, Fee Reversals: Tax free, these credits generally offset the amount of qualified tuition and fees eligible for tax credit.
c. Refunds and Other Fee Reductions: To calculate your qualified expenses, you may need to deduct reimbursements and refunds from qualified educational expenses.
Generally qualified expenses are the amounts you paid for tuition and fees required for enrollment or attendance at an eligible educational institution for you, your spouse, or a dependent you claim on your tax return. Amounts you paid include amounts you paid by by cash, check, credit card, or loans. Qualified expenses generally DO NOT include books, room and board, student activities, athletics (unless part of as student's degree program), insurance, phone, or other similar personal living expenses.
To qualify for tax credit, the educational expenses must have been incurred for some or all academic periods beginning January 1, for the calendar year 2001. It is the taxpayer's responsibility to determine which expenses qualify for tax credit. For more detailed information on the amounts listed above and answers to most frequently asked questions please visit our web site at www.biola.edu