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mikate1
New Member

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

 
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6 Replies
KrisD15
Employee Tax Expert

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

What do you mean you didn't actually pay? 

What is in Box 1 (Tuition paid) and Box 5 (Scholarships) 

If Box 1 is larger than Box 5, you may get a credit.

If Box 5 is larger than Box 1, you might owe tax. 

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mikate1
New Member

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

My child took college level classes through her high school and because of this we received a 1098-T.  The tuition was paid with a grant and I didn't actually pay anything.  I'm also confused on how I am supposed to answer the question Was my child working on an Associate, Bachelor's or Graduate degree.  

mikate1
New Member

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

The amount in box 1 and the amount in box 5 equal each other.  

mikate1
New Member

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

I'm thinking I don't have to enter the form since they offset and I wouldn't get the deduction for the Lifetime Learning Credit.  

 

Hal_Al
Level 15

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

Q. I'm thinking I don't have to enter the form since they offset and I wouldn't get the deduction for the Lifetime Learning Credit?

A. That's correct.  The 1098-T is only an informational document.  There is no requirement to enter the numbers on your tax return. 

 

You cannot claim a credit, because you are not "out-of-pocket".

 

You may have read of a "loop hole", in this forum, for claiming a credit, by having the student pay tax on the scholarship. That's not applicable in your situation. The scholarship is "restricted" to being used for tuition. 

 

mikate1
New Member

If I received a 1098-T and have info in boxes 1 & 5 meaning we didn't actually pay is my child still eligible for the Lifetime Learning Credit?

Thank you for confirming what I was thinking.  This will make things much easier!

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