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Should I file my 1098-T if a 529 was used to pay tuition then I accepted loans to pay transportation expenses then i received a scholarship that came out of nowhere

 
2 Replies
MinhT
Expert Alumni

Should I file my 1098-T if a 529 was used to pay tuition then I accepted loans to pay transportation expenses then i received a scholarship that came out of nowhere

Tuition and other education expenses paid from a 529 plan or from loans are counted as paid out of pocket.

Scholarships are reported on your form 1098-T and reduce the amount that you can count as qualified education expenses.

If you received form 1098-T, you should enter it in TurboTax and TurboTax will figure out whether you are eligible for any education credits.

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Should I file my 1098-T if a 529 was used to pay tuition then I accepted loans to pay transportation expenses then i received a scholarship that came out of nowhere

In the event that tap 529 was not from me or a relative and the amount is higher than the scholarship and 1/2 the amount i received in loans will there be a possibility of having to pay taxes?
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