Other information Nonresident Missouri income tax credit The Marion & HJ Fischer Jr. Memorial Fee Waiver (Fischer Tax Credit) is available for nonresident students and their families who pay Missouri state income tax even though they reside outside of the state. The nonresident student must have paid Missouri state income tax or be a dependent on the state tax return of another taxpayer who lives outside of the state and pays Missouri state income tax. Business, partnership or property taxes do not qualify. Students will receive a reduction on the nonresident portion of tuition equal to the amount of tax paid. However, a student will not pay less than resident tuition. To claim this credit, a copy of the Missouri state tax return showing the student’s name as either the taxpayer or dependent and the amount of Missouri income tax paid needs to be mailed to: Cashiering Office, 800 University Drive, Maryville, Missouri 64468. Or faxed to 660.562.1400. No separate application is required.
Tax benefits for education The American Opportunity Tax and the Lifetime Learning credit are two tax credits available to qualified tax payers. Additionally you may be eligible for tax deductions for tuition and fees. The university will produce a form 1098-T for each tax year during which you are enrolled in classes. This will include amounts billed for qualified educational fees and amounts of scholarships and grants you received. This information is available on the student’s CatPAWS. For details about the possible credits, and to find out if you are eligible to take advantage of any of the options, refer to IRS Publication 970 “Tax Benefits for Education.” If you need assistance determining your eligibility, or have questions about preparing your tax return, please contact a qualified tax professional. The university is unable to provide tax or legal advice.
Taxation of aid received A portion of your financial aid may be taxable. It is your responsibility to determine the portion of financial aid, if any, that is taxable and to properly report it on your income tax return. Per IRS guidelines, the university does not provide income reporting on the taxability of your financial aid.
Estimating your budget Few students pay for college using just one funding source. You will likely use some combination of savings, family contributions, scholarships, grants, loans and work study. It is important that you understand how much it will cost to attend college. Once you know this, you can match this information with available funding sources to know exactly where the funds will come from. Use the cost calculator on our website at www.nwmissouri. edu/Bursar/costworksheets.htm to help determine your costs.
Published on Aug 5, 2013