Form 1098-T, Tuition Statement reports the amount of qualified education expenses paid by the student during the tax year. Educational institutions you paid tuition to should send you this form by January 31.
When you enter your 1098-T, we use this and other information to determine the educational benefits you may be eligible for on you tax return, such as the American Opportunity Credit, the Lifetime Learning Credit and the Tuition and Fees Deduction.
Don't be too concerned if your 1098-T form seems off – for example, if you paid more tuition than what was reported on the form. This is pretty common, actually. Just enter your 1098-T "as is," later, TurboTax gives you the opportunity to correct the information.
Watch our video on how to enter your Form 1098 in TurboTax.