- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Does a 1098 make any difference in filing ones taxes because I was not asked this question when using turbotax?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Get your taxes done using TurboTax
Yes, it does.
If the tuition fees and qualified expenses you paid are more than the scholarship you received, then the difference may qualify for education credit.
If the tuition fees and qualified expenses you paid are less than the scholarship you received, then you should report the difference as taxable income.
If you already filed and the return was accepted by IRS, you have to wait until you receive your refund before you can amend your taxes to add the 1098-T form. You can amend your taxes any time this year.
If your return is rejected or not yet submitted, you can edit any time by adding the additional information.
See the IRS requirements for American Opportunity Credit below:
https://ttlc.intuit.com/replies/5358150
See the IRS requirements for Lifetime Learning Credit below