Question:
I started college on October 2, 2006 at The Miami University of Art & Design, for Fashion Design. I just recieved an income tax statement, the one you recieve at the end of the year to file your income tax. Well, what i want to know is: What do I do with this? Do I have to pay anything back to the IRS? I have the Student Plus Loan and my parents have the Parent Loan. What should I do?
Answer:
That is simply telling the IRS how much YOU paid the college for that yr. Some students get what is called HOPE credit and they use this tax form to file with the IRS to reduce their
taxes, that's all. Not to worry. I have the SAME thing and I went to the college to inquire about it, that's how I know.
Good luck in Fashion Design. Who knows you may be the next Vera Wang, JLo,Rachal Roy, or Daisy Fuentes.
Ok, it is a tax statement. Just like when you or your parents get a w-2. You put the information on your taxes. So, if you are eligible for the hope or liftetime credit for education or want to use it for a deduction.
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