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If you have paid tuition fees to an eligible institution (most colleges and universities), you may be eligible for education credits or deductions.
Form 1098-T reports tuition you paid to a qualified educational institution and the scholarships you received during 2020. You have to enter it on your tax return in order to claim education credits such as the American Opportunity tax credit or the Lifetime Learning credit, or the tuition and fees deduction.
To enter your form 1098-T in TurboTax, follow these steps:
No.
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T.
If you have any taxable scholarship, you have to report it , if you have enough income to be required to file a tax return.
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