My daughter received a form 1098-T for 2023: box 1 is $15,958 and box 5 is $27,202. She has no other income (earned or unearned). Our MAGI is over $180,000 so we do not qualify for the education credit. From everything I'm reading, it's not beneficial for us to report her 1098-T on our return but we can still claim her as a dependent. Instead, my daughter should report this income on her return and claim all the qualified expenses resulting in a net taxable income of $11,244 (27,202-15,958) which she is not required to file a return since it is under $13,850. Is my understanding correct? Thank you!
