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Education
Q. So it would seem that I would not have to report my 1098-T right?
A. Right. The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return.
However receipt of a 1098-T frequently means you are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T.
Why don't you want to claim the credit. $4000 of expenses usually gets a student or his parents, if he is a dependent, a $2500 tax credit
March 26, 2021
11:27 AM