Because of the wide variety of personal circumstances, BYU is not in a position to provide tax advice.  However, we would like to provide the following points of clarification and/or suggestions that may help you obtain the correct information:

    Tuition Billed vs. Tuition Paid – Universities are given the choice of reporting either tuition billed, or tuition paid during a given year.  BYU has always reported tuition BILLED.  For the Hope Scholarship and LifeTime Learning  credits, taxpayers may only claim the credit for amounts PAID.  Therefore, the taxpayer should never rely solely on Form 1098T in preparing their tax returns.  They should always determine amounts paid from their own records.

    Using Student Account records – In determining amounts paid, the student may find it useful to review transactions in their Student Financial Center.  You can navigate to the Student Financial Center as follows:  RouteY > School > My Financial Center.  Once in the Financial Center select Account Summary in the Finances section.  Then select the Detail button alongside Tuition.  You will be presented with a schedule of all of your tuition transactions.  Clicking the Term column header will sort all transactions by term.  It will  then be easier to identify payment transactions made during 2007.  You may also be able to claim loans as tuition payments (again, consult with your tax advisor).  Different types of loans could be identified as either Payments, or Financial Aid.  There is additional description of the type of transaction in the Item Details column that should help. 

     Impact of the revised Tuition Payment Policy – Tuition is now being billed as soon as the student registers, even though it is not due until 7 days prior to the first day of class.  Therefore, our continuing students may have noticed that tuition billed, as reported in Form 1098T was significantly larger for 2007 than in 2006.  This is likely due to the change in the tuition policy.  Amounts reflected as billed in the 2007 Form 1098T could include tuition charges for Winter, Spring, Summer and Fall 2007 and also Winter 2008 charges.  But remember, you may only claim the credit for amounts paid during a given year.

 

There are other rules that apply to these credits.  So please take care, and if in doubt CONSULT a TAX ADVISOR!