2 1098-T

[lou2766]

In a bit of a dilemma.  In the past I have put our daughters 1098-t on our taxes when filing since she still is a dependent.   this year how ever I have 2 forms.  one from the school she graduated from and one from the new school that she will be attending for the next 4 years.  

  She is still considered a dependent,  she did work over the summer break and i know i have to file her taxes.

the big question is what to do with the new schools 1098 since the loans are in her name whereas the last four year the school loans we in my name.

  Do I put the new schools 1099-t on my taxes or do i need to put it on her taxes.  The non-experts at TT support just sent me to the irs and the person that is suppose to send to to another person for help just send you to a message telling you to look online.

I just need to know whos taxes i should put the second school's 1098 on.

thanks   louis

[MinhT1]

If your daughter is your dependent, only YOU can claim her education credits, even if the tuition is paid from loans in her name. Tuitions paid with loans are considered as paid-out-pocket. It does NOT matter who paid the tuition, YOU only can claim the education credits as she is your dependent. 

Please also read this TurboTax Help article for more information.

So you enter both forms 1098-T on your tax return.

@lou2766 

[Edited 03/13/2023 | 05:09 AM PST]

[Hal_Al]

The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income. If the student is your dependent, you claim the tuition credit on your return.

If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)

You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. 

Graduating in May usually means that 2022 was her 5th calendar year of college. There is a four time limit to claiming the American Opportunity Tax Credit (AOTC) on a student's education.  So, if you  already claimed  4 AOTCs, you are prohibited from claiming it in 2022. You can claim the less generous (and non refundable) Lifetime Learning Credit (LLC).