News Releases

Unclaimed tax credits

Friday, March 16, 2007

Many KU students are not claiming available credits on their tax returns this year. Even students who do not have to file a return may be entitled to an easy $30.

REFUND OF FEDERAL TELEPHONE EXCISE TAX

Many students are missing out on an easy $30, $40, $50 or even $60 by not requesting a refund for the Federal Telephone Excise Tax. Students may be eligible if they paid for at least one phone bill [land line which included long distance or cellular] between March 2003 and July 2006.

Students must be entitled to claim an exemption for themselves on their tax returns. The credit is $30 for one exemption, $40 for two exemptions, $50 for three exemptions and $60 for four or more exemptions. You do not have to owe taxes to qualify for this credit.

You may obtain this credit even if you do not have to file a tax return - just file Form 1040 EZ-T which is easy to complete. While someone may obtain the standard amount ($30, $40, $50 or $60) without having any telephone bill records, one may obtain more than the standard amount if they have telephone bills and can show they paid more excise taxes than the standard amount.

If someone prepares your return, make sure they consider the Federal Telephone Excise Tax Credit.

For more information about this credit, see related article.


CREDITS FOR QUALIFIED EDUCATION EXPENSES

Many KU students are not claiming available credits for education expenses on their tax returns. The Hope credit (maximum $1,650) is available for students in their first two years of post-secondary education. Other students including graduate students may qualify for the Lifetime Learning Credit (Maximum $2,000).

You must be entitled to claim an exemption for yourself on your tax return, or your parents must elect not to claim you as a dependent.

For more information about this credit, see related article.