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IRS Form 1098-T for the year 2013 is available for viewing and printing from your Advisor account. To view and print your IRS Form 1098T, log in to your Advisor account and chose View My 1098-T Forms

How to fill out irs form 1098-t for

How to fill out IRS Form 1098-T:

1. Gather relevant information: Before filling out the form, you will need to gather certain information such as the student's name, address, Social Security Number or Taxpayer Identification Number, and the school's name and address.
2. Determine the tax year: The form is used to report qualified tuition and related expenses for the tax year, so make sure you have the correct year in mind.
3. Complete Part I: Here, you will provide the student's identification information, including their name, address, and taxpayer identification number. You will also need to indicate whether they received any scholarships or grants during the tax year.
4. Complete Part II or Part III: Depending on the method of reporting, you will need to fill out either Part II or Part III. Part II is used for reporting payments received for qualified tuition and related expenses, while Part III is for reporting amounts billed for qualified tuition and related expenses.
5. Calculate the figures accurately: Take your time to ensure that the figures reported are accurate and match the supporting documentation such as tuition statements, receipts, or billing statements.
6. Sign and date the form: Once you have completed all the necessary sections, make sure to sign and date the form before submitting it.
7. Keep a copy for your records: It is important to keep a copy of the filled-out form, as well as any supporting documentation, for your records in case of future inquiries or audits.

Who needs IRS Form 1098-T:

1. Students: Form 1098-T is primarily used by students or their parents who may be eligible for education-related tax benefits, such as the American Opportunity Credit or the Lifetime Learning Credit. It helps them accurately report their qualified tuition and related expenses.
2. Educational institutions: Educational institutions that provide higher education and receive payments for qualified tuition and related expenses are required to provide a Form 1098-T to eligible students. This form assists in reporting the educational expenses to the IRS.
3. Tax professionals: Tax professionals or accountants may also need the Form 1098-T when assisting students or their families in preparing their tax returns and identifying potential tax benefits.

Note: It is essential to consult with a tax professional or refer to the IRS instructions for Form 1098-T to ensure compliance with the latest guidelines and requirements.

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What is irs form 1098-t for?

IRS Form 1098-T is used to report information about tuition payments made by eligible students for higher education expenses.

Who is required to file irs form 1098-t for?

Educational institutions are required to file IRS Form 1098-T for eligible students who paid qualified tuition and related expenses during the tax year.

How to fill out irs form 1098-t for?

Educational institutions must fill out IRS Form 1098-T by providing information about the student, the institution, the amounts paid for qualified tuition and related expenses, and any scholarships or grants received.

What is the purpose of irs form 1098-t for?

The purpose of IRS Form 1098-T is to assist eligible students in determining if they qualify for education-related tax credits, such as the American Opportunity Credit or the Lifetime Learning Credit.

What information must be reported on irs form 1098-t for?

IRS Form 1098-T must report the student's name, address, taxpayer identification number, amounts paid for qualified tuition and related expenses, and any scholarships or grants received.