1098-T Does the student (dependent) file or the parent or both?

Forum|Forum|7 years ago
June 1, 2019
3 replies
0 views

I (student) had income in 2015 and would like to file my taxes. My question is whether I do enter my 1098-T information on my tax return or let my parent, who claims me as a dependent, do it on theirs? Or maybe even on both?

Thank you

TurboTax Free Edition Online

Best answer by AnnaB

Whoever claims the dependency exemption is the one eligible for any education tax breaks. Therefore, your parents should report the information from your Form 1098-T.

If your scholarships or grants (Box 5) are greater than your tuition, this amount may be taxable income to you and needs to be reported on your tax return. The same is true if the scholarships/grants were earmarked for room & board. Normally, it applies to qualified tuition first.

In the event you put it on both, you would not be eligible for any tax breaks because you are a dependent.

AnnaBAnswer

Level 7

Whoever claims the dependency exemption is the one eligible for any education tax breaks. Therefore, your parents should report the information from your Form 1098-T.

In the event you put it on both, you would not be eligible for any tax breaks because you are a dependent.

cmcsky

Level 2

If the scholarship or grant is greater than the tuition, how is the amount reported as taxable income? Turbotax is not guiding me through this.

c-gallagher595

Level 2

If your parents are claiming you, they file the 1098t.

AnnaB

Level 7

Whoever is claiming the student's dependency exemption (either themselves or parents in most cases) is the one eligible for education tax breaks, so you're right, the parents should enter the form if they are claiming the student as a dependent. However, the student should also put the form on their return too because grants/scholarships that exceed tuition and other qualified expenses are taxable income to the student. TurboTax will properly give the parents tax breaks (if eligible) and properly put the taxable income from the scholarships (if any) on the student's return.

Ddz14357

Level 2

Have about 2800 of income and my college daughter has a 1098t and i have a 10 year son to claim . Have already filed but we didn't file the 1098t we forgot would it affect ours in a positive way or negative way ?

Hal_Al

Level 15

@Ddz14357 - Simple answer: it will effect you in a positive way. For most people, it increases there refund by $1000 (the main education credit is 40% refundable).

After the refund for your initial filing is received, you should file an amended return to claim the credit. There are numerous posts on this forum for details on how to do that.

If you post a follow up here, include the amounts in boxes 1 & 5 of your 1098-T.