Tax Benefits and Credits
You might qualify for certain tax benefits related to paying educational expenses. For information about college-related tax credits, deductions, exclusions, and savings plans, visit the IRS Tax Benefits for Education Information Center or consult your tax advisor.
Internal Revenue Service Publication 970: Tax Benefits for Education – explains federal tax regulations regarding the taxability of various types of financial aid, including scholarships and grants.
Scholarships and grants may be taxable even if you are a degree candidate if the total amounts received in a tax year exceed the amounts paid for tuition, required fees, books, supplies and educational equipment. Any scholarship or grant dollars used to pay room, board, or living expenses are generally taxable. For more information on the taxability of scholarships and grants visit the IRS website or FinAid.org.
Boston University will report the amounts paid for qualified tuition and related expenses (tuition and fees) annually via IRS Form 1098T. For more information about IRS Form 1098T, visit BU Student Accounting Services.
Other Tax Documents
Internal Revenue Service – Transcript Form 4506-T – Completing and submitting this form authorizes Boston University to request an individual tax return transcript from the Internal Revenue Service.
Internal Revenue Service – Transcript Form 4506T-EZ – Completing and submitting this form authorizes Boston University to request a short form request for an individual tax return transcript from the Internal Revenue Service.