OU students may qualify to deduct the cost of their tuition from their taxes, according to the Internal Revenue Service Web site.

These credits could save students and their families money during an economic recession and yet many students are unaware of the tax credits.

“The only tax deductions I know about are charitable donations and work related deductions,” said Samantha Mysel, English-writing sophomore.

A tax credit is deducted from your income so that, in the eyes of the government, you have made less money and have to pay less in taxes as a result, according to collegeboard.com.

The IRS Web site states that students may only qualify for the tax credits if they or the person who files taxes for them makes less than the income limit of their tax credit.

If your parent is the one who pays your tuition and they claim you as a dependent then they may take the deduction.

“[My parents] have never mentioned them to me and I’m sure if they knew about them, they would, because they are all about saving money,” said Lindsay Grell, communication sciences and disorders sophomore.

The American Opportunity Credit, the Hope Scholarship Credit and the Lifetime Learning Credit are available to students. Each has their own criteria for qualifying and students may only take one of the credits.

“Financial Aid Services tries to inform students about the tax credits that they may qualify for by giving students access to tax professionals usually through the Norman Public Library”, Matthew Hamilton, OU registrar, said by e-mail.

Hamilton also said OU has just sent out the 1098-T form to students. This form helps students determine whether they are eligible for the Hope Scholarship or the Lifetime Learning credit, Bursar Max Hawkins said by e-mail.

The form was sent to each student’s permanent address and if students don’t receive the form within the next week they may contact the Bursar’s office for a copy, Hawkins said.

“I hope students will follow-up by making sure they or their parents take advantage of any tax credit opportunity for which the may be eligible,” Hamilton said. “This may mean seeking free tax assistance, reading IRS publication 970 or making certain their or their parents’ tax professional is aware of the tax credit and has students’ 1098-T form.”

OU also mentions the tax credits in their financial aid presentations and includes tax information in the “Ask the Sooners” database, Hamilton said.

Myles Smith, certified public accountant, said he has dealt with these tax credits for the last six to eight years.

“Some people are [aware of them] and some are not,” Smith said.

Smith said if students or their parents have an income just over the limit on a particular credit, they may be able to lower their income through claiming another credit or, if they own a business, increasing the expenses of the business in order to bring down their income.

But he said one should talk to a tax professional before acting on any such tax strategies.

Smith also alerted The Daily to another potentially helpful IRS form called Education Credits. It is IRS form 8863 and it is similar to the 1098-T form in that it helps determine your eligibility for the credits.