Get the free Form 1098-T

This form is used to report payments received for qualified tuition and related expenses for students attending eligible educational institutions. It includes details about adjustments to prior year

How to fill out form 1098-t

How to fill out Form 1098-T

1. Obtain a copy of Form 1098-T from your institution.
2. Fill in your personal information including your name, address, and taxpayer identification number.
3. Enter the institution's information including their name, address, and employer identification number (EIN).
4. Report any qualified tuition and related expenses in Box 1.
5. If applicable, report any scholarships or grants received in Box 5.
6. Sign and date the form before submitting it to the IRS.

Who needs Form 1098-T?

1. Students enrolled in eligible higher education institutions who received qualified tuition payments or scholarships.
2. Parents or guardians of students for whom they claim a tax deduction.
3. Any individual or entity that pays qualified tuition and related educational expenses on behalf of a student.

People Also Ask about

Can I file my taxes without my 1098-T form?

Attaching Form 1098-T to Your Tax Return You are not required to attach IRS Form 1098-T to your tax return. The IRS Form 1098-T is not like the IRS Form W-2 obtained from your employer, which is required to be attached to the tax return filed with the IRS.

How do I obtain my 1098-T form?

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.

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.

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 you, your spouse, or your dependent had education expenses and did not receive Form 1098-T, you may need to still report the amounts on the return. If your expenses are more than your scholarships, fellowships, and grants, you may qualify for an education credit.

Does a 1098-T mean I owe money?

The Form 1098-T is a statement that colleges and universities are required to issue to certain students. It provides the total dollar amount paid by the student for what is referred to as qualified tuition and related expenses (or “QTRE”) in a single tax year.

Do I have to file Form 1098-T on my taxes?

You, or the person who may claim you as a dependent, may be able to take either the tuition and fees deduction or claim an education credit on Form 1040 or 1040A for the qualified tuition and related expenses that were actually paid during the calendar year. There is no need to attach Form 1098-T to your tax return.

For pdfFiller’s FAQs

What is Form 1098-T?

Form 1098-T is a tax form used by eligible educational institutions in the United States to report payments received for qualified tuition and related expenses, as well as scholarships and grants provided to students.

Who is required to file Form 1098-T?

Educational institutions that receive payments for qualified tuition and other fees from students are required to file Form 1098-T for each enrolled student to whom they have provided qualified tuition and related expenses.

How to fill out Form 1098-T?

To fill out Form 1098-T, institutions must provide the institution's name, address, and employer identification number (EIN), as well as student information including name, address, and taxpayer identification number (TIN). They should report qualified tuition and related expenses, any scholarships or grants, and any adjustments made in the previous year.

What is the purpose of Form 1098-T?

The purpose of Form 1098-T is to help students and the IRS determine eligibility for education tax credits and deductions, such as the American Opportunity Credit and the Lifetime Learning Credit.

What information must be reported on Form 1098-T?

Form 1098-T must report the amounts paid for qualified tuition and related expenses, any scholarships or grants received, adjustments made in prior years, and the amount of any payments made by the student.