Discussion:Where do I enter 1098-T info?
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Discussion Forum Index --> Tax Questions --> Where do I enter 1098-T info?
Sing4him75 (talk|edits) said: | 13 March 2006 |
| My customer has the following: line 1 $0\ | |
Sing4him75 (talk|edits) said: | 13 March 2006 |
| line 1 $0
line 2 amounts billed for qualified tuition $ 5525.00 line 3 $0 line 4 scholarships or grants $ 7259.00 line 8 at least half time is checked Any help will be greatly appreciated | |
| March 13, 2006 | |
| Remember that only tuition and fees are allowed as a education deduction or credit. Also, if scholarships are higher then qualified expenses you may have to show income.
First itemize all education expenses into catagories (tuition, fees, books, exquipment, supplies, etc.). If total expenses are higher than $7,259 you may still be able to take the Education benefit, by applying the scholarships or grant money to all expenses that are NOT tuition and fees first. Then if anything is left over it would be tuition and/or fees, which you put on form 8863. If total is less than $7,259 you may have to add the difference into income, if TP has to file. Review PUB 970 pages 5 - 7. | |
Sing4him75 (talk|edits) said: | 14 March 2006 |
| Thank you very much. | |
| 24 January 2007 | |
| I have a client who received a 1098-T and only box 5 had a number in it (5270). The person has student loans and therefore has not paid any qulaified tuition. This person never received this form before this year (he graduated in may 2006). Does this 5270 just mean that he cant claim a deduiction unless he had more than 5270 of qualified paid tuition or does he have to claim this as income and if so where? | |
| 25 January 2007 | |
| Td - I don't know what box 5 is but given any other qualifications are met a student loan used for tuition it is a qualified education expense eligible for a credit. Publication 970. | |
