Get the free 1098-T

This form is used to report payments received for qualified tuition and related expenses, as well as adjustments made for prior years, scholarships, and grants. It is provided by educational institutions

How to fill out 1098-t

How to fill out 1098-T

1. Obtain a blank Form 1098-T from the IRS website or your school's financial office.
2. Enter your school's name, address, and Employer Identification Number (EIN) in the designated fields.
3. Fill in your personal information including your name, address, and Social Security Number (SSN).
4. Report qualified tuition and related expenses paid for the calendar year in Box 1.
5. If applicable, report any scholarships or grants received in Box 5.
6. Complete any additional relevant boxes as required.
7. Review the form for accuracy and sign if needed.
8. Submit the completed Form 1098-T to the IRS and provide a copy to the student.

Who needs 1098-T?

1. Any eligible educational institution that receives payments for qualified tuition and related expenses must file Form 1098-T.
2. Students who paid qualified tuition and related expenses can receive a copy of Form 1098-T to claim education tax credits.
3. Parents or guardians may also need the form if they claim the student as a dependent.

People Also Ask about

Do I need to report 1098-T on taxes?

You must report the excess as taxable income on the federal return for the person issued the 1098-T (this may be the student and not the parent). To do this within the program, please go to: Federal Section. Income.

How do I get my 1098-T tuition statement?

Your college or career school will provide your 1098-T form electronically or by postal mail if you paid any qualified tuition and related education expenses during the previous calendar year. Find information about the 1098-E form, which reports the amount of interest you paid on student loans in a calendar year.

Is there a penalty for not filing a 1098-T?

Penalties: Failure to file timely and accurate forms 1098-T can result in large penalties for institutions and are assessed on a per-form basis. Penalties can max out at several hundred thousand dollars, depending on the size of the school.

Does filing a 1098-T increase the refund?

The main goal of Form 1098-T is to make sure you have a record of your educational expenses. These expenses might make you eligible for tax credits, like the American Opportunity Tax Credit (AOTC) or the Lifetime Learning Credit (LLC). These credits can reduce your tax or potentially even increase your refund.

What happens if my school doesn't give me a 1098-T form?

If the student should have, but did not receive the Form 1098-T, contact the school for a copy. Please note as described above, there are exceptions in which eligible educational institutions are not required to provide a Form 1098-T. See Q&A 18 for more information about the Form 1098-T.

Do I have to report my 1098-T on my tax return?

What should you do with Form 1098-T? The information on the form may have to be reported on your income taxes. In fact, it's necessary to use information from this form to claim education tax credits on your return. These credits can be worth thousands of dollars.

Does a 1098-T give you money back?

The LLC allows you to claim up to $2,000 per tax return (not per student) but is not refundable. That means that it can lower your tax to $0 but you won't get anything left over back in a refund. To take advantage of these credits, you need the information from your 1098-T form.

For pdfFiller’s FAQs

What is 1098-T?

Form 1098-T is a tax form used by eligible educational institutions to report information about qualified tuition and related expenses to the IRS and to students.

Who is required to file 1098-T?

Eligible educational institutions that receive payments for qualified tuition and related expenses are required to file Form 1098-T for each student who is billed for qualified expenses.

How to fill out 1098-T?

To fill out Form 1098-T, an educational institution must provide information about the student, including their name, address, taxpayer identification number, and the amounts billed for qualified tuition and related expenses during the tax year.

What is the purpose of 1098-T?

The purpose of Form 1098-T is to assist students in claiming education tax credits and to provide the IRS with information about tuition payments and related expenses.

What information must be reported on 1098-T?

Form 1098-T must report the student's name, Social Security number, the amount of qualified tuition and related expenses billed, and any scholarships or grants that the student received during the tax year.