Okay so I've tried reading through the answers and can't seem to wrap my head around how to do the numbers on the form. I'm claiming my 20yr old full time student as a dependent on my taxes he has a 1098t form but box 5 exceeds box 1. Box 5 $19680 Box 1 $13263 so that means $6420 of it would be considered taxable and needs to go on his return. But how do I use the "loophole" to be able to claim the tax credit? Like what do I put in my return for 1098t and what does he put in his return for the 1098t, thanks for any help in advance.
