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Filing Form 1098-T Tuition Statement

Aside from increasing your chances of getting a good job, your tuition payments to enroll at a college, university or other school can have some tax benefits as well. Your first indication that an educational tax credit or deduction may be available is the receipt of the Form 1098-T tuition statement. Filing tax form 1098-T is the responsibility of the schools you attend, but the information reported on it may be the source of some extra money that students like you need.

Form 1098-T Filing Requirements

All postsecondary schools that are authorized to offers students federal financial aid through the U.S. Dept. of Education are treated as “eligible educational institutions” by the IRS. Since enrollment at these schools is the initial requirement to claiming an educational tax benefit, the IRS requires each institution to file tax form 1098-T to report the tuition and other related payments for each student. Schools must file a copy of the 1098-T with the IRS and send you a copy by Jan. 31 each year. The 1098-T will report all amounts that you were charged for qualified tuition and other education expenses. The 1098-T will also report the amount of those charges that you actually paid, whether it’s with cash, student loans, scholarships or other forms of financial aid.

Qualified Tuition

The IRS uses the term “qualified tuition and related expenses” to include specific types of school expenses, which are reported to you on the 1098-T in box 1. Qualified tuition and related expenses include the tuition and fees your school requires for enrollment that are required and class materials that all students are charged. If you have a scholarship that’s paid to your school, such as a Pell grant, it will be reported in box 5 of Form 1098-T. Since most scholarships and grants aren’t subject to income tax, you don’t get to use the amounts in box 5 to calculate the lifetime learning credit, American opportunity credit or the tuition deduction. One thing to remember is that qualified tuition and related expenses don’t include payments for a dorm or to purchase a campus meal plan and will not be reported on 1098-T.

Tax Benefits for School

When you get your 1098-T form, not only will you need to determine whether you’re eligible for one of the education credits or deductions, but you’ll also need to evaluate which one will save you the most in tax. If you’re in one of the first four years of school, are pursuing a degree or recognized certificate and take enough classes to be a half-time student (as defined by your school), you may be eligible for the American opportunity tax credit, which can reduce the tax you owe by up to $2,500. If you are beyond the first four years of schooling, consider the $2,000 lifetime learning credit or tuition deduction instead.

1098-T & Tax Returns

As you prepare your tax return, you should realize that the IRS doesn’t require you to attach the 1098-T to your return. And if someone can claim you as their dependent, such as a parent, you may still have to file a tax return, but you can’t take any of the school credits or deductions on your return – only the person who reports you as a dependent can take them.

Reference: IRS Form 1098-T