I am a College student, and I'm curious if i am required to file my 1098-T.
Can you file taxes without it?
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No, you don't have to report your 1098-T,
not unless you want to claim an education
credit. However if
your grant/scholarship amount (box 5) is more than your tuition (box 1/box
2) you may want to report it because excess
scholarship money may be treated as taxable income on your
return.
When you
enter your 1098-T, we use this and other information to determine the
educational benefits you may be eligible for on your tax return, such as the
American Opportunity Credit, the Lifetime Learning Credit and the Tuition and
Fees Deduction.
No, you don't have to file a 1098-T form. Keep in mind that the form is for a DEDUCTION. Iff the law has not changed, you are not required to take a deduction. I have also read the IRS 1098-T instructions and most of it is geared to the University-related filing requirements for the students...
The only reason that Universities send out the form, to the students. is to ensure that the $ (numbers), that the University sends to the government, align with your deductions (should you wish to take them).
Please note the tax categories (buckets and associated calculations) on the 1098-t are such that grants and/or scholarships offset your payments. This means a Merit Scholar or a Student Athlete can see an increase in taxes if you submit the form.
For an average family , who are paying a large tuition bill, this deduction can be a blessing and for some it can be a curse. You can know when to holdem and when to foldem....
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