Several tax benefits are available to help families meet the cost of postsecondary education. These tax benefits are intended to help students and their parents fulfill a variety of educational objectives. Taxpayers can claim one or, in some cases, two tax credits for expenses they pay for postsecondary education for themselves and their dependent children. These tax credits can directly reduce the amount of federal income tax. The Hope Scholarship Credit is available on a per student basis for the first two years of postsecondary education, while the Lifetime Learning Credit applies on a tax-return basis and covers a broader time frame and range of educational courses. Please consult with your tax advisor to review your eligibility.
Student Account Services provides a 1098T form to all students who have qualified tuition charges or student loan interest. Students can view past and current 1098T forms through their MICA Portal. An e-mail will be sent to students notifying them when the 1098T is made available in January. If you would like a printed copy of your 1098T, please contact Student Account Services at 410/225-2356 with the student's social security number or email email@example.com. MICA cannot e-mail a 1098-T to a non-mica address without phone verification of the Social Security Number. Please allow 24 hours of processing time when requesting a printed copy of the document.
Gift Tax Exclusion
Under the Internal Revenue Code, Section 2503(e)(2)(A), a direct transfer of funds to an educational institution, such as MICA, to be applied to cover the present and/or future costs of tuition for a college or university student, does not count as a "gift" for federal gift tax purposes, including the $12,000 per year exclusion. Please contact your personal tax advisor for further information.