FOA TRA97 Presentation

Table of Contents

FOA TRA97 Presentation

Hope Scholarship Tax Credit

Half-time enrollment

First two years of post-secondary education

Amount of nonrefundable credit allowed

Lifetime Learning Tax Credits

Amount of nonrefundable credit allowed

Phaseout of Hope Scholarship/Lifetime Learning Tax Credits

Phaseout (cont.)

Based on the structure of the phaseouts, to what extent will parents of dependent students be able to qualify for the credits?

To what extent will self-supporting students be able to take the credit?

Qualified Tuition and Related Expenses

Unallowable Expenses

CO Database of Fees

Eligible Institution

Reporting Requirements

First year

First year (cont.)

Subsequent tax year reporting

Subsequent tax year reporting (cont.)

FERPA

FERPA (cont.)

Legislation

H.R. 3127, HERRA

HERRA 1998 - Where it stands

S. 1724, HERRA

Senate companion bill - Where it stands

Treasury Department opposition

H.R. 3282

CO Accounting Website

Email: mark_osborne@calstate.edu

Home Page: http://www.calstate.edu/co