The Taxpayer Relief Act of 1997 created two new federal income tax credits, the Hope Credit and the Lifetime Learning Credit, for which families paying educational expenses may qualify.
For detailed information about these credits, see IRS Publication 970, Tax Benefits for Education, or consult your tax advisor. How Boston University reports qualified educational expenses to students is explained by Student Accounting Services in IRS Form 1098T.
IRS Publication 970 also explains regulations regarding the taxability of various types of financial aid, including scholarships and grants.
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