Discussion:Help on 1098-T
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Discussion Forum Index --> Advanced Tax Questions --> Help on 1098-T
Discussion Forum Index --> Tax Questions --> Help on 1098-T
Bentong1222 (talk|edits) said: | 23 January 2008 |
| I have a client, who had 2 forms of 1098-T, one from Iowa (Spring 2007) and one from Texas (Fall 2007) since he had transferred from Iowa to Texas in 2007 after summer. On his Iowa's 1098-T form , the box 1 is $0, box 2 is $2,894.50 and box 5 is 2,854.00. On his Texas' 1098-T form, box 1 is 0, box 2 is 4,577.00 and box 5 is 1,914.00. Both of the forms show that amount of scholarship and grants are less than the amount of the tuitions and related expenses. He is a graduate student and checked with "at least half-time student". Is he qualified for lifetime learning credit? If yes, since he forgot to submit this on his 1040EZ form for 2006 federal return, what can he do to refile this for credit. What documents does I need to file for him? Thanks | |
TheTinCook (talk|edits) said: | 23 January 2008 |
| Well, first you need determine if your client is subject to claim under §152. Then you need to decide if you are going to avail yourself of 26 USC 25A, 222, or 212. I stongly suspect that your client falls under the prohibtions of §1.25A-3, however, consider Notice 99-32.
As usual, you will need to determine what will benefit your client the most in relation to his AGI and tax due. If you find your client will benefit, he will have relief for the late election under §301.9100-1 et seq. | |
Rgtaxservice (talk|edits) said: | 23 January 2008 |
| Eloquently put TC.
Ben - In layman's term. You first need to determine if your client can be claimed as a dependant on the parent's return. If not, your client may be able to claim the Lifetime credit, but not the hope credit...or an above the line tuition deduction. Lastly, if all is applicable for 2006, you can file an amended return. I feel as though I missed something. Thanks TC, I enjoyed looking through the code and regs to decipher the puzzle. You guys amaze me with your wealth of knowledge. How to you make the section character? | |
| 23 January 2008 | |
| It appears that Bentong isn't a tax preparer at all: Discussion:About my 1098-T
(TinCook already realized this) | |
Bottom Line (talk|edits) said: | 24 January 2008 |
| I responded to the "about my 1098-T" before I saw this. That was my take too. | |
TheTinCook (talk|edits) said: | 24 January 2008 |
| Rg- Alt 0167 | |
