What is the 1098-t tax Form used for?
What is the 1098-t tax Form used for?
TurboTax Tip: Form 1098-T provides information about educational expenses that may qualify the student—or the student’s parents or guardian, if the student is still a dependent—for education-related tax credits.
Is the 1098-t Form required?
No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than your tuition (box 1/box 2) you may want to report it because excess scholarship money may be treated as taxable income on your return.
Who needs a 1098-t Form?
College students
College students or their parents who paid qualified tuition and college expenses during the tax year will need Form 1098-T from their school if they want to claim certain education credits.
What happens if I don’t file my 1098-T?
No, if you did the math in your head, and you did it right, the credit will be issued. If you went light on the tuition expense, and you were still eligible for the full credit, the additional tuition would not matter if you had nothing more to match it to.
Is 1098-T taxable income?
The 1098-T form is provided to help students and parents determine eligibility for an American Opportunity Tax Credit or a Lifetime Learning Credit, and it should not be used to calculate taxable income. may claim as part of your tax return.
Does 1098-T increase refund?
Taxable scholarship income can be reported on 1098-T when the box 5 value exceeds the box 1 value. This could reduce your refund.
What happens if I don’t get my 1098-T?
If you did not receive your IRS Form 1098-T from your school, you can still claim education credits and expenses, as long as you have records that prove you’re qualified to claim them.
How do I get my 1098 form online?
Even if you didn’t receive a 1098-E from your servicer, you can download your 1098-E from your loan servicer’s website. If you are unsure who your loan servicer is, log in to StudentAid.gov or call the Federal Student Aid Information Center at 1-800-4-FED-AID (1-800-433-3243; TTY 1-800-730-8913).