Education Expense

bduwa · ‎January 31, 2021

Hi, I just received my form 1098-T and had a few questions about filing my tax return. I will be filing as an independent and the amount in Box 5 exceeds the amount in Box 1, so if I was to claim my educational expenses; I would have to pay taxes. Am I required to report my 1098-T or am I allowed to not report form 1098-T?

MayaD · ‎January 31, 2021

Since your grant/scholarship amount (box 5) is more than your tuition (box 1) you need to report it because excess scholarship money may be treated as taxable income on your return.

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Hal_Al · ‎January 31, 2021

Why & how are you filing as an independent?

If you are over 23 (or under 24 and support yourself by working), there may be a loop hole available to claim a tuition credit, even if your scholarships exceed you tuition.