Yes. A form 1098T is used to report tuition paid to higher educational institution to get a degree or diploma. A student may claim his/her qualified expenses paid for American Opportunity Credit ($1,500 non-refundable credit applied towards tax liability and $1,000 as refund) or Lifetime Learning Credit, if AOC been claimed for 4 years. You may follow the steps below to enter 1098T in Turbo Tax:
- Log in Turbo Tax.
- Under Income and Expenses, scroll all the way down to Education, click show more.
- Click Expenses and Scholarships (Form 1098T) and click start.
See, education credits (AOTC and LLC), for information.
Most students do not file their 1098-T. Instead, your parent files it, if you are their dependent.
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.
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