The Taxpayer Relief Act of 1997 (TRA 97) provides students and their families with several tax benefits related to paying higher education costs.  IRS Publication 970:   Tax Benefits for Education [download] explains the important tax advantages offered by TRA 97 legislation.  Since individual circumstances may vary, students should consult a professional tax advisor for assistance in interpreting the publication and determining the applicability of each benefit. 

Although UCI does not provide tax advice, we offer this web site to acquaint students with aspects of TRA 97 which may be of interest.  In particular, we will address the following provisions:

• the Hope Tax Credit, which provides up to $1500.00 credit for out-of-pocket tuition and fee expenses paid by the student (or a taxpayer for whom the student is a dependent),  for each of the first two years of post-secondary education
• the Lifetime Learning Tax Credit, which provides up to $2000.00 credit for tuition and fee expenses paid by the student (or a taxpayer for whom the student is a dependent), for college or graduate level course work beyond the first two years of post-secondary education
• the Student Loan Interest Deduction, which allows a taxpayer to reduce the amount of his/her income that is subject to tax by up to $2500.00 for student loan interest paid during the tax year

Beginning with tax year 1998, TRA 97 has required the University to report to the Internal Revenue Service as a prerequisite for determining a student's eligibility for these tax benefits.  The annual deadline for UCI to file the required tax information electronically is March 31, although data may be transmitted earlier as circumstances allow.

The information provided in this web page is NOT tax advice.  It is offered only as general information for UCI students and their families.  Please consult a qualified tax expert for advice on computing, claiming, or determining qualification for any tax benefit mentioned in this web site.

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