I'm not going to be claiming my tuition as my work has a tuition assistance program. Can I skip entering the 1098 information if the school provided me with one? Also, I want to claim textbooks and tools that were required for the program I'm in as I paid out of pocket myself. Can I do that without a 1098? I didn't buy them from the school. And finally, do I have to report the assistance money my work gave me if it was only about $2500?
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Entering in the 1098-T data will enable you to find out if you for other education credits to which you are entitled. If you qualify for these credits, it could positively impact your tax return and refund. You can also claim education expenses such as textbooks and tools required for the program that you paid out of pocket with or without the Form 1098-T.
If you receive educational assistance benefits from your employer under an educational assistance program, you can exclude up to $5,250 of those benefits each year. This means your employer should not include the benefits with your wages, tips, and other compensation shown in box 1 of your Form W-2.
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