Financial Information

Tax Credit

The Taxpayer Relief Act of 1997 includes a number of educational tax benefits that may have an impact on students and their families. The act requires the University to report information on students to the Internal Revenue Service. For additional information on the Hope Scholarship Tax Credit and the Lifetime Learning Credit please refer to the IRS Publication 970 Tax Benefits for Education http://www.irs.gov/formspubs/.

• 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:
• For detailed information provided to the IRS by Extension
Web: http://www.1098-t.com
Phone: 1-877-467-3821 (toll free)
• For more information on the Taxpayer Relief Act (U.S. Dept. of Education)
Web: http://www.ed.gov/
• The IRS: Web: http://www.irs.ustreas.gov/
Phone: 1-800-829-1040

• 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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