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Deductions & credits

Yes, you should use the correct numbers from the other source.  The Form 1098-T does not always report the most accurate information by the school.  You as the taxpayer needs to make sure you report the actual qualified education expenses you pay out of pocket to claim your education tax breaks.  


If you have received any scholarship, and if it is used to pay for all of your tuition expenses including books and supplies, you will not need to pay tax on it.  However, if you received the scholarship which exceeds your qualified education expenses, you will report part of your scholarship as a taxable income.  Also, room and board is not qualified education expenses to claim the tax break.  To see what qualified education expenses, click here:




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