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Frequently Asked Questions
What is new for 2013?
The American opportunity credit is available for 2013 and is unchanged from 2012. The maximum credit per student is $2,500 (100% of the first $2,000 and 25% of the next $2,000 of qualified education expenses).
 
Why aren’t payments listed in Box 1 of the 1098T form?
 

The IRS required Hope College to choose to report either payments or charges, but not both. Along with many other colleges, Hope reports Amounts Billed in Box 2. You and your student can access a complete list of your payments via KnowHopePlus.

 
Why is tuition charged for the Spring 2014 included in Box 2 of the 1098T form? Shouldn’t this be on the 2014 form?
  The IRS requires Hope to include the tuition charge based on the date the charge was placed on the student’s account. For most students, the Spring 2014 tuition was actually billed in December 2013. We do, however, also indicate in Box 7 that a portion of the amounts listed in Box 2 are related to an academic period that begins in January of 2014.
   
Why is the amount printed in Box 2 different than the tuition and fees listed on the Supplemental Information?
  Box 2 only reports activity from 2013. If you add the amounts on the Supplemental Information that are indicated to be reported in “2013 Box 2”, the amount will be the same. For upperclassman, tuition related to the Spring 2013 is reported on the supplemental information to assist you in calculating your tax credit. A full explanation is found in IRS Publication 970.
   
Where can I get a list of payments that I made in 2013?
  The official record is listed on the Supplemental Information. Your student has access to this through KnowHopePlus.
   
Why is tuition reported on the supplemental information less than the amount billed on tuition statements?
  A portion of Hope’s tuition includes the cost of the Hope Health Benefit. We are not allowed to include this amount on the 1098T form.
   
I’m a graduate. Can I still access KnowHopePlus?
  Yes, this system is still available, but you will need your Student ID # and PIN (or the answer to the security question you created). If you have forgotten these, please contact the Registrar’s Office at 616-395-7760 during regular business hours.
   
Can parents access KnowHopePlus?
  Parents can access KnowHopePlus if their student provides them with their ID and PIN numbers. Primary access is given to the student and students may authorize release of information at their discretion.
   
My payment was mailed in December 2013, but it isn’t shown on the supplemental information. Can I still use this payment towards the 2013 tax credit calculation?
  No, only payments actually recorded by Hope College in 2011 can be used to determine your tax credit. The official record is listed on the Supplemental Information.
   
I didn’t receive a 1098T form? Where can I get a copy?
  A substitute 1098T form can be printed from KnowHopePlus (this is a one part form; you will not include a copy of the 1098T when you file your 1040). Students whose grants and scholarships (Box 5) are greater than the tuition billed (Box 2) are not eligible for this tax credit. No form was mailed.
   
Where can I get more information about the tax credit?
  Publication 970, Tax Benefits for Education is available on the internet by searching for Publication 970 (at the time of writing this FAQ, the 2011 version was not available on the internet) You will also need Form 8863.
   
This is a lot of information – will staff at Hope College help me fill out my tax form?
  Based on the complexity of the tax laws and your individual circumstances, college staff are not able to assist in completing a tax form. Please consult a qualified tax preparer for any additional assistance. However, we can assist in general questions about the American opportunity credit or your form 1098 T. Please call 616-395-7810.