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Education
A form 1098T is used to report tuition paid to higher educational institution to get a degree or diploma. A student may claim his/her qualified expenses paid for American Opportunity Credit ($1,500 non-refundable credit applied towards tax liability and $1,000 as refund) or Lifetime Learning Credit, if AOC been claimed for 4 years. You may follow the steps below to enter 1098T in Turbo Tax: To claim for the credit:
Scholarship is a tax-free amount paid to a student enrolled at higher educational institution for a purpose of getting a degree or diploma. The scholarship must be used to pay for tuition, books, lab fees, and related fees. If the total, scholarship received was more than the tuition paid or financed, a portion of it may be taxable and automatically disqualifies the student to claim the credit.
To be eligible for AOTC,:
- You must be enrolled in qualified university or college to get a degree or diploma.
- Enrolled at least half time for at least one academic period beginning in the tax year.
- Not a graduate student