Taxpayer Relief Act of 1997

The Taxpayer Relief Act (TRA) of 1997, enacted by Congress and the President, created two new tax benefits for families who are paying for higher education. There are also benefits for people who are repaying student loans. Whether you may take advantage of the tax credits depends on your individual facts and circumstances. You will need to contact your tax consultant, the Internal Revenue Service at (800) 829-1040 to determine if you are eligible for the tax credits. Virginia Tech cannot make this determination for you.

Instructions accompanying your federal tax forms will explain how to calculate the credit and how to claim it on your tax return. For further guidance, you may visit the IRS website or review the IRS Publication 970 (PDF) .

A 1098-T form will be mailed to students in late January to the permanent address the student has listed on the Hokie SPA. The 1098-T form will inform the student or taxpayer of the possibility of a tax credit for payment of eligible tuition and fees under the guidelines of the Taxpayer Relief Act of 1997. It is the taxpayer's responsibility to determine eligibility for this tax credit. The amount of eligible billed charges, along with scholarships or grants received by the student, will be provided for each student on the 1098-T form and on Hokie SPA to assist in determining a possible tax credit. The student must submit requests for additional information in writing or email. Requests for duplicate 1098-T forms should not be made until after February 15.

The totals provided on the Hokie SPA are calculated as follows:

• Billed qualified tuition and fees.
• Scholarships or grants - Total scholarships or grants credited to the students account.