2008 Tax info

The Hope and Lifetime Learning Tax Credits approved by Congress may help in reducing your 2008 tax liability, if you qualify. Although Vanderbilt does not provide tax counseling, we would like to advise you that the tuition payment date can make a difference as to WHEN the tax credit can be taken. For example, spring 2009 tuition charges are due January 5, 2009 . If you pay for these charges in December 2008, you may only take the tax credit in the 2008 tax year. Likewise, if the charges are paid in January 2009, the tax credit may only be used in the 2009 tax year. Based on these IRS stipulations, we urge you to plan the timing of your payment carefully.