I am permanently disabled. The only income I have for 2024 is SSI. I received a 1098 -T because I attended college. I did not receive a 1099 or 1042-S. My questions are:
Do I need to report the 1098_T? SSI is the only income I have. I know I dont have to report the SSI but how do I report the 1098-T without an income?
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What is reported in Box 1 and Box 5 on your 1098-T?
Who paid your education expenses, such as tuition and books?
Box 5 is 1849. Box 1 is 1056
I paid tuition and books
Most of the 1098T reported is scholarship income reported in Box 5. You can't get an education credit unless your tuition and books cost more than $1849. Then, you may get a small education credit if you're eligible for the American Opportunity Credit.
If the money you received was just enough to cover your tuition and books, don't report the 1098T since you have no other taxable income to report.
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