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Can I file tax return only with 1098T.

 
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2 Replies
KrisD15
Employee Tax Expert

Can I file tax return only with 1098T.

Possible. 

Did you pay more in education expenses than what you received in Scholarships or Grants? 

(Is Box 1 larger than Box 5?)

 

Are you a dependent claimed by another Taxpayer, such as your parents?

Did you supply more than half your own support? 

 

You can start a return to see if there would be any advantage in you filing.

You would also find out if you are a student dependent (Under 24 and at least half time student) in which case the person that can claim you might use your 1098-T to get an education credit. 

 

If scholarships received is MORE than education expenses (Box 5 is larger than Box 1) you might need to file a return to report taxable income. 

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Hal_Al
Level 15

Can I file tax return only with 1098T.

If you are a student, over age 23, and are not claimed as a dependent by someone else (e.g. your parent) you may be eligible for the up to $1000 refundable American Opportunity (tuition) Credit. That credit is not dependent on having either kids or earned income. You must be at least a half time undergraduate student. There's even a loop hole available to claim the credit, if you are on scholarship.

 

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants.  It is usually best if the parent claims that credit. 

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.

 

Reference: Line 7 instructions for form 8863. https://www.irs.gov/instructions/i8863

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