The following websites have additional information that may be useful. The University cannot provide assistance regarding your eligibility or the calculation of the credit. The only qualified education expenses for 529 funds are tuition, books, lab fees, and room & board. Paying a loan of 'any' type is not a qualified education expense for 529 funds. The IRS Form 1098-E is provided for taxpayers who paid more than $600 in interest during the calendar tax year, and is mailed to the borrower's current billing address during the last week in January. Monies withdrawn from a Coverdell/529 plan must be used to pay for 'qualified' education expenses in the same tax year they are withdrawn. The deduction may be taken only for interest paid during the first five (5) years in which loan repayments are required. ![]() The Student Loan Deduction is available for taxpayers who have taken loans to pay qualified higher education expenses and paid interest on those loans during the calendar tax year. It is available to view and print by January 31 of each year. The IRS Form 1098-T is issued to students with qualified tuition and fee expenses paid in the previous calendar year. The TIN may also be updated by downloading and completing the IRS form W-9S and returning it to Student Accounts Receivable by fax, mail, or in person. The TIN may be updated in the secure Tax ID System. ![]() Note: The student's Taxpayer Identification Number (TIN) is required in order for The University of Texas at Austin to properly report educational expenses on the Internal Revenue Service (IRS) Form 1098-T. IRS tax benefits may be available for higher education expenses.
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