Get the free 2013 Form 1098-T - Tax Form Processing LLC

CORRECTED FILER S name, street address, city or town, province or state, country, ZIP or 1 Payments received for qualified tuition and related foreign postal code, and telephone number expenses OMB

How to fill out 2013 form 1098-t

How to fill out 2013 form 1098-t:

1. Gather all necessary information: Before starting to fill out the form, make sure you have all the required information at hand. This includes the student's personal information, such as their name, address, and Social Security number, as well as details about their educational institution, such as their name, address, and taxpayer identification number.
2. Determine your filing status: The form 1098-T provides checkboxes to indicate whether you are reporting for the current calendar year or any prior year. For the purpose of filling out the 2013 form, ensure you check the appropriate box for the correct tax year.
3. Report payments received and billed amounts: In box 1, report the total payments received by the educational institution in the relevant tax year for qualified tuition and related expenses. If you received any scholarships or grants, these should be subtracted from the total payments received. In box 2, report the total amounts billed for qualified tuition and related expenses.
4. Check for adjustments: There might be certain adjustments that need to be reported on the form. For example, if there were changes in the reporting methods or any reductions in qualified tuition and related expenses, these adjustments should be reported in box 4.
5. Review the scholarship or grant information: If you received any scholarships or grants, make sure to review the information in boxes 5 and 6. If you have been awarded any scholarships or grants that exceed the qualified tuition and related expenses, the excess amount may need to be reported as income on your tax return.
6. Provide the correct student identification information: In box 8, provide the student's full name, address, and Social Security number or taxpayer identification number. Double-check this information to ensure accuracy.
7. Retain a copy for your records: Once you have completed filling out the form, make a copy for your records. This will be helpful in case of any future inquiries or audits.

Who needs 2013 form 1098-t:

1. Students: The primary individuals who need the 2013 form 1098-T are students who are pursuing higher education. This form helps them in claiming education-related tax benefits like the American Opportunity Credit or the Lifetime Learning Credit.
2. Parents or guardians: If a student is claimed as a dependent on someone else's tax return, such as their parents or guardians, the person claiming the student may require the 2013 form 1098-T to accurately report education expenses and claim any available tax credits or deductions.
3. Educational institutions: Educational institutions including colleges, universities, trade schools, or any other institution that provides post-secondary education, need to generate and provide the 2013 form 1098-T to eligible students. This form helps them fulfill their reporting requirements regarding payments received and billed amounts for qualified tuition and related expenses.

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