1098-T.........

where to put information from 1098-T on tax form?
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    Enter at:
    -Deductions & Credits
    --Education

    To get there quicker, type-- form 1098-T --in the search box
    • I just finished mine and TT didn't let me add info from the 1098-T via the step-by-step process. I clicked on Forms and filled in the info from Box 1 that way.
    • What about box 5 scholarships?
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    The IRS requires the school to send you a form 1098-T (the IRS gets a copy too). That way they know you were  a legitimate candidate for the tuition credit. The 1098-T may or may not accurately reflect the actual amount you paid that qualifies for the credit. You should keep accurate records of what you actually paid and use those numbers in making the tuition credit claim.
    The IRS would like schools to put amounts in box 1 for what you actually paid, but that's too difficult. So box 1 is almost always blank. The school will show, instead, in box 2, what you were billed. Box 2 is NOT the amount you paid and is NOT the amount you can use to claim the credit. You have to figure out from your own records what you paid and TurboTax will ask you several follow up questions after you enter the 1098-T info to get to that number. Read & answer those questions carefully.

    What you paid is frequently, but not always, the difference between box 2 and box 5.
    • I have recieved a 1098-T and box 2 has an amount and box 5 has an amount. I have not paid anything towards my tuition. Do I need to enter this information on my taxes?
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    momma210,
    No. There is no IRS requirement to enter a 1098-T on your return. Since you didn't pay anything, you are not eligible for any deduction or credit.
    However, if the box 5 amounts exceeds the box 2 amount, the excess may be considered taxable income. A rule of thumb is if that amount plus any other income exceeds $5800, you should enter the 1098-T.

    If any of your expenses were paid by loans, as opposed t scholarships and grants, you may be eligible for the tuition credit. Loan proceeds are treated the same as ou-of-pocket paid by you
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      m0m0f3;
      Loans are your money, since they have to be paid back. Anything paid with loans (but not grants) is considered as paid by you. Many schools erroneously put loans in box 5.
      Books & required computers count as course materials & are eligible for the credit.
      Grants (but not loans) are taxable to the extent that they exceed eligible expenses.

      It may be simpler to not enter the 1098-T and enter expenses at:
      -Deductions & Credits
      --Education
      It is not mandatory to enter the 1098-T
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        where do I put the informationn from 1098 T?
        • So if box 5 is bigger then 2 and I got a loan out and have not paid on it yet how is that calculated and where do I put it on the tax forms? I also purchased books & a PC for school out of my own money not from the loans.I do my taxes every year on my own but this school stuff has me all confused.As of right now it is saying I have to add the diffrence to my income and I did not think grants were taxable.
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