topic 1098t in Deductions & credits

1098t

Chattyme — Thu, 06 Feb 2020 01:50:00 GMT

We have a 1098t for dependent 21yr old college kid (we claim her )and we have a 1098t for my husband for classes paid for by his work. Do we enter both 1098t’s on our 1040?

And Does our daughter still need to enter the 1098t on hers?

Re: 1098t

CatinaT1 — Thu, 06 Feb 2020 18:36:57 GMT

You will enter your daughters, she does not need to and shouldn't enter it on her return.

For your husband, you say for classes paid for by his work. Did you have any out of pocket expenses for his classes? If there was no out of pocket expenses, you do not need to enter it.

More information can be found here:

Education Credits

American Opportunity Credit

Re: 1098t

Chattyme — Sat, 08 Feb 2020 03:05:48 GMT

Yes he had to buy a laptop to fo the work for school and work. Classes are at work and community college. Where do we enter the laptop and work clothing purchased by us

Re: 1098t

Carl — Sat, 08 Feb 2020 03:13:05 GMT

If your daughter qualifies as your dependent (and I"m sure she does) you will have two "students" identified on your joint tax return. One student will be your spouse. The other student will be your dependent daughter. You will enter both 1098-T's on your joint tax return. Make ***SURE*** that you ***CORRECTLY*** identify which student each individual 1098-T belongs to.

Re: 1098t

Chattyme — Sat, 22 Feb 2020 22:04:23 GMT

Got it thx! but for spouse

1098T box 1 shows $1144.00 box 5 shows $1797.90
since box 1 is less than box 2 it looks like its showing up as added income from scholarship. why? we didn't get that money. the school was sent by his employer. Turbo tax is picking it up as income.

Re: 1098t

LinaJ2020 — Tue, 25 Feb 2020 19:37:02 GMT

If your scholarship exceeds the tuition amount, the IRS considered a taxable income. They are also receiving a copy of your Form 1098-T. If you think the entire scholarship amount covers all the tuition amount, you can adjust the tuition amount. Here are the steps:

Sign in to your account, select Pick up where you left off
At the right upper corner, in the search box, type in "1098t" and Enter
Select Jump to 1098t
Follow prompts
On the screen, Type in the info from your 1098-T, check the box This is not what," Student' Name paid to school"
Enter the actual amount you paid

See the image below:

Re: 1098t

Carl — Fri, 10 Apr 2020 22:04:17 GMT

since box 1 is less than box 2 it looks like its showing up as added income from scholarship. why? we didn't get that money. the school was sent by his employer.

WHy? Because you didn't indicate YES on the screen that asks if any of the aid received included amounts *NOT* awarded for 2019. Then you enter the amount of the excess that was not refunded to you and continue.

You will need to remember this amount for next year because I do not know if TurboTax will automatically import this into the 2020 tax return or not, next year.