Education Tax Benefits

Education Tax Benefits

Rutgers Statement of Account

In an effort to assist students or parents determine whether they may be eligible to claim one of the new education tax credits, the University has printed a statement of each student's account on the back of the student's.

The 2005 Statement of Account (sample form on page 2), includes a listing of the student's charges, credits and payments by semester for calendar year 2005 as reflected on the University's books and records. The information contained on the 2005 Statement of Account is not being furnished to the Internal Revenue Service. An example of the 2005 Statement of Account is printed below.

Payment Information:
As you review your own 2005 Statement of Account, please pay particular attention to the payment information included on the statement. The payment dates reported reflect the date your payment was posted to your account, not the date you wrote the check. Therefore, you will need to review your own records to confirm the actual dates on which your payments were made and to which calendar year the payments apply. For example, if you wrote your check on December 30, 2005 and we recorded your payment on January 3, 2006, your payment should be considered a calendar year 2005 payment for IRS tax purposes.

Other Charges and Credits:
Your own 2005 Statement of Account may include a line item for "Other Charges or Credits". The amount reported on this line represents the net amount of one or more adjustments required to bring your account into proper balance. If you need additional information concerning the nature of these adjustments, please contact the Student Accounting Inquiry Center at (732) 932-2254.

Study Abroad Students:
If you have any questions regarding your Study Abroad program, please contact the Study Abroad Office at (732) 932-7787 for information regarding the charges, credits and payments associated with your particular study abroad program.

Questions:
If you have any questions concerning your 2005 Statement of Account, please call the Office of Student Accounting and Cashiering at (732) 932-2254. You may also view your tax statement online. We will be able to respond to specific questions concerning the types and timing of the charges, credits and payments listed on the statement, but will not be able to address specific tax questions. If you do have any questions concerning your eligibility for either one of the new tax credits or tax deduction, you may wish to refer to the additional sources of information provided and/or consult with a professional tax advisor. You may also refer to the IRS Publication 970 Tax Benefits for Education. You can visit the IRS website at www.irs.gov or contact them by phone at (800) 829-1040.