Do I qualify for the education credit if my 1098-T scholarships/grants exceed my billed expense. For example my total billed was 4.878 & my scholarships/grants was 7,395?

[cierraakers143]

My total billed on my 1098-T was $4,878 and my scholarships/grants was $7.395.. I am 19 and nobody can claim me as a dependent.. I am just wondering if I can still receive an education credit?

[KrisD]

If your tax-free assistance in 2016 was more than your education expenses paid in 2016, you would not be eligible for an education credit. But check your records.

If the scholarship was more than your tuition, did you get funds back from the school to use for personal expenses? If you didn't, you need to check your student account.

Check to see if you were billed last December (2015) for classes you started in January, February or March (2016).

If you were billed in December 2015, and the scholarship posted in January 2016, you can offset the scholarship amount by the amount of those classes. (but that amount might not be on the 1098-T)

Additionally, some scholarships can be used to pay for things other than tuition, like books, supplies, and perhaps room and board. Be sure to take this into account and add them in if you can.

If you still do not have more education expenses than scholarships/grants, then you would not be eligible for a credit.

[cierraakers143]

Yes I received refunds throughout the school year. However when I asked my financial aid office they told me I still had to include all info on my taxes and I was still eligible for the education credit! Thank you for answering

[KrisD]

Are you sure it wasn't student loans? If you were approved for student loans, you would definitely be eligible for a credit. If the funds were from a Pell grant or scholarship, find out if you can claim living expenses against it, like rent, food and transportation. Different Scholarships cover different things. Your financial aid office would know if you can add those things in. If you can qualify for the credit, it could be worth it. I wish I could tell you, but only your financial aid office would know that information. If you claim the credit, and then the IRS takes it away, you could be banned from applying again for years after, so ask the Financial Aid office for clarification.

[cierraakers143]

The only thing on my account summary is a higher education grant and pell grant! I don't see any loans but I'll definitely ask them about it before I file my taxes! That's what I was worried about was putting it on there and them thinkinb I was providing false information but I'll definitely check into it!

[KrisD]

Great, hope it goes well.