Student Tax Information
The Hope and Lifetime Learning tax credits are available to students or parents. Tax credits can be claimed for those paying for post secondary education for themselves, their spouse, or dependent children.
FICA’s purpose is to provide income and health insurance for individuals at retirement, as well as payments to children and surviving spouses of those incurring a disability prior to retirement. Under most situations, full-time student workers are exempt from FICA taxes.
Generally, student loan interest is interest paid on a loan used to pay qualified higher education expenses. Student loan interest may be a deduction on an individual tax return.
Review the description for when a scholarship or fellowship is considered non-taxable income.
Direct reimbursements to students for tuition paid to another school will be considered the same as payments to another university and treated as a scholarship.
Tuition assistance that is not specifically related to a work may be excluded from gross income as a qualified scholarship or fellowship.
The IRS requires Duke to report, both to the student and the IRS, certain summary financial information for students who meet IRS reporting criteria. This information is provided to assist students in determining their eligibility for certain educational tax credits.
Duke will supply an IRS Form 1042-S to non-resident aliens who have received certain types of payments from Duke.