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Your tuition waiver is considered tax-free assistance, and must reduce the amount of tuition and fees used to compute any tuition tax credit or deduction. Amounts paid for room and board, or its equivalent, are neither tax-deductible nor can they be used as the basis for either of the tax credits.
Tuition paid with taxable funds, such as your graduate assistantship stipend, can be counted for the tax credits or deduction.
To correct the amounts on your Form 1098-T, please follow these steps. Pay particular attention to Step 5.
Your tuition waiver is considered tax-free assistance, and must reduce the amount of tuition and fees used to compute any tuition tax credit or deduction. Amounts paid for room and board, or its equivalent, are neither tax-deductible nor can they be used as the basis for either of the tax credits.
Tuition paid with taxable funds, such as your graduate assistantship stipend, can be counted for the tax credits or deduction.
To correct the amounts on your Form 1098-T, please follow these steps. Pay particular attention to Step 5.
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