There are a number of tax advantages for which UCLA Extension students may be eligible. These include:
Tax Deductibility of Fees— Save Your Receipts!
Some educational expenses, including such incidental costs as books, meals, lodging, and travel, might be tax deductible. To learn if your fee payments are deductible, consult with a relevant state or federal tax agency.
Under provisions of the Taxpayer Relief Act of 1997 , you may be eligible for the Lifetime Learning Tax Credit or the American Opportunity Act Tax Credit if your adjusted gross income (AGI) is within current Internal Revenue Service (IRS) specifications. Records of fee payments made by you will be reported by UCLA Extension to the IRS. Your social security number is required by federal law to enable the filing of information returns that will yield a form 1098-T. If you do not choose to provide us with your social security number when you register, you will be permitted to enroll; however, UCLA Extension will not be able to provide the IRS with evidence of fee payment that might entitle you to the tax credit. To provide UCLA Extension with your SSN, login at
, navigate to MyExtension then to Edit Profile to update your record with SSN, or print, complete, then mail an
IRS Form W-9S
to UCLA Extension Records Office, 10995 Le Conte Room 113, Los Angeles, CA 90024. We will provide a reminder to students whose records do not include SSN each December. To view your payment history for the prior year, to print view or change the mailing address for your 1098-T, or to identify a parent who may claim you as a dependent, visit 1098t.com or call toll free: (877) 467-3821. See
IRS Publication 970
Tax Benefits for Education for complete information about eligibility.
529 Savings Plans
Section 529 of the Internal Revenue Code allows taxpayers to establish accounts on behalf of a designated beneficiary (e.g., child, grandchild, spouse, niece, nephew, friend, or even himself or herself). Currently, earnings and qualified withdrawals from 529 savings plans are tax-free at both the state and federal level. Qualified withdrawals distributions may be applied toward fees and required books and supplies for all courses, certificate candidacies, colloquia, independent studies, and internships offered through UCLA Extension. California has one of the most competitive IRS 529 Savings Plans: The Golden State ScholarShare Trust (ScholarShare). For more information visit scholarshare.com . To learn more about 529 Savings Plans visit savingforcollege.com or irs.gov/pub/irs-pdf/p970.pdf