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Thread: 1098-T

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    #1

    1098-T

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    I filed our taxes like normal (we are standard deduction normal, blah, blah, blah), and we got a statement in the mail from hubby college. It is a 1098-T.

    It is just for our records it states.

    Do I need to claim this on our taxes? If so, which do I claim on there? Finally, if I have to amend our Taxes, do I just mail this in with all our tax forms?

    I've always just had TaxSlayer do them and this is something very new for me.
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    #2
    It's a deduction, it's student loan interest.
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    #3
    You can get an Education credit of up to $2500 and a deduction for books. I read that to get the education tax credit you shouldn't file until half way through February because they haven't fixed the system to process them yet.

    Also, this is for if you paid for the tuition yourself. I think that if you used financial aid it won't really matter.
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    #4
    Quote Originally Posted by azarmygf View Post
    You can get an Education credit of up to $2500 and a deduction for books. I read that to get the education tax credit you shouldn't file until half way through February because they haven't fixed the system to process them yet.

    Also, this is for if you paid for the tuition yourself. I think that if you used financial aid it won't really matter.
    If you use grants then it doesn't help you at all. DH's 1098 was useless. Mine got us a nice deduction, though!

    And yeah, I filed my taxes, but it says that they won't be processed til early March


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    #5
    He is using a grant like program. I just don't know if I'm suppose to attach this with my taxes or not. If that means I need to redo our taxes. (grumble) He just started collage again and this is the first for us.
    "Obstinacy is a fault of temperament. Stubbornness and Intolerance of contradiction result from a special kind of Egotism, which elevates above everything else the pleasure of its own autonomous intellect, to which others must bow.: Carl von Clausewitz
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    #6
    if you used the standard deduction then likely you won't have to file an amended return.

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    #7
    If it's there, don't leave free money on the table. You may be eligible for a tax credit or a tax deduction based on education expenses. Here's a link to the information on the topic at the IRS website. You have to figure out which (deduction or credit) is most beneficial and go for it. If you're eligible and do use the deduction it's "above the line," so you can take the deduction even if you don't itemize...very sweet!
    J.J. Montanaro is a CERTIFIED FINANCIAL PLANNER practicioner with USAA Financial Planning Services one of the USAA family of companies.
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    #8
    I got a 2300 dollar education credit for mine 1098 T and DH got a 800 dollar return on interest from his 1098 E. I would add it! could be more money.


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    #9
    A 1098-T is for tuition paid, not for student loan interest. He could be eligible for an education credit which can be much better than a deduction for student loan interest. It should guide you to which education credit is the one he is eligible for and would provide the largest credit if you use an online program. But if he paid a decent amount for tuition it is definitely worth redoing them online just to see the new number.

    As for someone saying it doesn't help if you use grants, I don't think that is necessarily true. Mine never affected the tax credit unless I didn't use it for qualified expenses. From what I can tell from briefly looking at the tax law, using grants to pay for tuition does not affect the American Opportunity Credit, you still get credit for paying that tuition even if you paid it with grants. However, it looks like for the Lifelong Learning Credit tuition paid with grants cannot be counted. your tax program will calculate it correctly either way as long as you enter in the numbers correctly. If he is in his first four years of college he should be eligible for the American Opportunity Credit and I would highly recommend re doing them.
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    #10
    It's also important because if he received any scholarship or grant money in excess of the tuition as noted on the 1098-T, it can be taxed as income. DH gets the G.I Bill, but was also awarded scholarships above the tuition costs. We used those to pay rent for the months the G.I Bill wouldn't cover, and because room and board isn't an allowable expense, we had to pay taxes on it.

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