I'm trying to fill out my taxes with my 1098-T I g...
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New Member

I'm trying to fill out my taxes with my 1098-T I got from my college and it says I can't get any money back but I'm not sure why. What can I do to receive money back?

 
3 Replies
Employee Tax Expert

I'm trying to fill out my taxes with my 1098-T I got from my college and it says I can't get any money back but I'm not sure why. What can I do to receive money back?

It depends.

 

If you are being claimed as a dependent on your parent's return, they will be the ones who report the 1098-T information.  

 

You should input your 1098-T information as follows:

 

  1. Go to the Federal section of the program.
  2. Select "Deductions & Credits"
  3. Select "Expenses and Scholarships (Form 1098-T)" and click start

 

If they are not claiming you, here is a handy chart that compares the education credits and each of the requirements.  

 

Chart comparing credits

 

American Opportunity Credit is available for the first 4 years of college while working towards a degree.  The maximum credit is $2,500 per eligible student, must be enrolled at least half time for at least 1 semester, and up to $1,000 can be refunded to you.

 

Lifetime Learning Credit is not limited by the number of years in school and can be used for undergrad, graduate, and professional degree courses, including ones to improve job skills.

The maximum credit is $2,000 per tax return, can be used when only taking 1 class, you don't need to be working towards a degree, and none of the credit is refundable.

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New Member

I'm trying to fill out my taxes with my 1098-T I got from my college and it says I can't get any money back but I'm not sure why. What can I do to receive money back?

Hi, I looked at the chart and it appears I should be eligible for at least the American Opportunity Credit. I'm not claimed by my parent or anyone so what should be the next step I can take in order to get money back?

Employee Tax Expert

I'm trying to fill out my taxes with my 1098-T I got from my college and it says I can't get any money back but I'm not sure why. What can I do to receive money back?

It looks like you are in the Free Edition of the software.

 

If that is the case, you will need to upgrade to the Deluxe software in order to be able to claim the education credit.  The program should have given you a message saying to claim this credit, we need to update your version of TurboTax.

 

Once you do that, the program will calculate your education credit.

 

Follow these steps to take the education credit:

Go to the Federal section of the program.

Select "Deductions & Credits"

Select "Expenses and Scholarships (Form 1098-T)" and click start

 

Education credit input

 

As you continue in the program, you will see the following:

 

Education summary

 

Once you confirm your information is entered, proceed to complete the following information:

 

1098-T detail page

Once you enter all of this information, TurboTax will show you the following:

 

Which deduction

After this screen, TurboTax will let you know which credit you qualify for:

 

Qualified deduction

 

 

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