What's New?
1098-T Forms Mailed on January 19, 2008!
UCI has issued over 40,000 IRS Forms 1098-T, with supplementary financial
information to assist eligible taxpayers in figuring and claiming Hope and
Lifetime Learning tax
credits for tax year 2007. These tuition payments statements were mailed
to your permanent address, unless you opted for "electronic
delivery." To find out where your tax information was sent, or to obtain
duplicate materials, login at the Tax Credit Reporting Service (TCRS) or call toll-free (877) 467-3821.
New for Tax Year 2007
Hope and Lifetime Learning Education Credits
- Income limits affecting the amount you may claim have been increased to adjust for inflation. For tax year
2007,
the amount of your education credit is gradually reduced if your Modified
Adjusted Gross Income (MAGI) is between $47,000 and $57,000 ($94,000 and
$114,000 if you file a joint return). You cannot claim a credit if
your MAGI is $57,000 or more ($114,000 or more if you file a joint
return). This is an increase from the 2006 limits for this
benefit. See Chapter 2 and 3 in Publication 970: Tax
Benefits for Education [download] for
details.
Student Loan Interest Deduction
- Income limits affecting the amount you may claim have been increased to adjust for inflation. For tax year
2007,
the amount of the deduction is gradually reduced if your Modified
Adjusted Gross Income (MAGI) is between $55,000 and $70,000 ($110,000 and
$140,000 if you file a joint return). You cannot claim a deduction if
your MAGI is $70,000 or more ($140,000 or more if you file a joint
return). This is an increase from the 2006 limits for this
benefit. See Chapter 4 in Publication 970: Tax
Benefits for Education [download] for
details.
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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