IRS Form 1098-T walkthrough (Tuition Statement)
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- Опубликовано: 19 дек 2023
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Please feel free to check out our article, where we've written step by step instructions to help you walk through this tax form! www.teachmepersonalfinance.co...
If you’re looking for tutorials for other IRS Forms that you can file directly through the IRS website, check out our free fillable forms page: www.teachmepersonalfinance.co...
Here are links to articles we've written about other tax forms mentioned in this video:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 8863 walkthro...
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.co...
Video: • IRS Schedule 1 walkthr...
IRS Form 1099-Q, Payments from Qualified Education Programs
Article: www.teachmepersonalfinance.co...
Video: • IRS Form 1099-Q Walkth...
Do I include scholarship, fellowship, or education grants in my tax return?
Video: • Do I include scholarsh...
Are my work-related education expenses deductible?
Video: • Are my work-related ed...
Am I eligible to claim an education credit?
Video: • Am I eligible to claim... 
Хобби
Thx for this informative video I really appreciate your efforts.
Questions: I'm filing out my taxes and I believe I understand but want to confirm. In the section that states tuition paid, I would not enter in the amount given in section 1 unless I have paid out of pocket or paid anything toward my student loans, correct?
I'm not sure what you are referring to, but I assume that the 'tuition paid' section is part of your tax preparation software's walkthrough of Form 8863, to see if you qualify for education credits. If this is the case, then you should include any amount in Section 1 that you either paid or incurred student loan debt on.
You can claim education credits based on amounts that you assumed with a student loan. From the IRS website: Generally, qualified education expenses are amounts paid in
2023 for tuition and fees required for the student's enrollment or attendance at an eligible educational institution. It doesn't matter whether the expenses were paid in cash, by check, by credit or debit card, or with borrowed funds.
Here are some links to the article and video on Education Credits for background information:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Question. I just received this form after I filed my tax last week. is it possible that I can still add it? Also only box 5 and 8 was marked for me what does this mean? Does the amount in box 5 increases or lowers my refund?😭It’s my first time attending college last summer 23.
In order to report this on your tax return, you would have to file an amended tax return on IRS Form 1040-X. Generally, most taxpayers are advised to wait until after tax season to do this, since the IRS is usually overwhelmed, and issues might arise if you have two tax returns being processed.
More importantly, you should probably consider whether it would help. If you did not pay any tuition (Box 1), then you're probably not eligible for education credits on IRS Form 8863. Which means that your tax return probably wouldn't change that much.
Box 5 might increase your tax liability if the amount of scholarships and grants exceeds the cost of qualified expenses. In that situation, you may need to declare the rest as income.
But if you don't think that you would increase your income, and if you don't qualify for education credits (because you didn't pay tuition or other qualifying costs in Box 1), then amending your tax return probably won't change your tax situation all that much.
I have a question, I withdrew from school less than a year ago, and am paying the rest of the tuition, would i be filling this out even if I do not attend there anymore? And the form came with an agreement whether i agree or not and not sure whether to check yes or no. I'm no longer attending and am out of state, but am now paying for the remaining tuition. I have absolutely no idea what I'm doing .
You would not be filling out this form as a student. You should expect to receive this form from your school to report the amount of tuition that you paid last year. As the student, you would use the information reported to you on this form to complete IRS Form 8863, Education Credits (if you're eligible for either tax credit):
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Do I just put this on my tax return? Or have to go through a different process to put this on my taxes return?
There are two things:
1. If you received more in scholarships/grants than you spent on qualified expenses, you may need to report this as additional income.
2. You could use this information to claim education credits, based on amounts you spent or incurred during the year, on IRS Form 8863:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Hello, Thank you very much for this video; its very helpful. I am sending money to my brother to pay for his tuition. Should he send me the 1098 T form to fill out?
Generally, neither you nor your brother would complete the IRS Form 1098-T. Your brother should expect to receive Form 1098-T from the educational institution. The primary reason either of you would need Form 1098-T would be to claim an education credit.
If you wanted to claim an education credit because of tuition that you paid on your brother's behalf, you must be able to claim him as a dependent on your tax return. Here's more information on IRS Form 8863, Education Credits:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Can I add my 2022 form to this new years tax? I completely missed the opportunity last year
You cannot use Form 1098-T from 2022 to reduce your 2023 income. However, you may consider filing an amended tax return for 2022, then claiming any possible tax credits against your 2022 taxes.
Thank you
I have a 1098T for 2022 where the box 7 is checked. I also have a 1098T for 2023 but it has $0 in box 1 as I prepaid for the 2023 semester in 2022 which is why box 7 in 2022 is checked. Now, while filing for 2023, what do I enter in the box 1 while filing taxes. Since I prepaid, should I enter the amount I paid for the 2023 Spring semester or should I enter 0 as the 109T for 2023 shows 0. Any help on this will be greatly appriciated
You are supposed to report tuition paid in the year that it is paid, regardless of which school year it is for. So if you prepaid 2023 tuition in 2022, you should have reported that tuition paid in 2022 (which it seems that you did). Then you would enter 0 for 2023, unless you have a Form 1098-T for 2023 indicating otherwise.
Is a TIN different from your social? Would I just enter my social ?
Generally, a TIN is the IRS placeholder for a taxpayer identification number. If you have a Social Security number, then this would be your TIN. But a TIN can also be an Individual Taxpayer Identification Number, used for persons ineligible for an SSN, an Adoption Taxpayer Identification Number, used for adoption purposes, or an Employer Identification Number, used for non-individuals, such as corporations, estates, and trusts.
But most taxpayers should expect to IRS Form 1098-T from their college, not file one. You would then use the information on your Form 1098-T to determine your eligibility for education credits that you can claim by filing IRS Form 8863, Education Credits:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
I just got mine after i graduatedand box 7 and box 9 is not checked and box 2 is empty and box 10 what dose that mean?
If Box 7 is not checked, this means that the payments were all for the previous tax year. For example, if you received the 2023 Form 1098-T, and Box 7 is not checked, then these payments did not include prepaid tuition for the 2024 spring semester.
If Box 9 is not checked, this means that you were not a graduate student.
Box 2 should be empty. There are no information fields here, but it might be reserved for future use.
Box 10 reflects the total amount of reimbursements or refunds of qualified tuition and related expenses made by an insurer. If an insurer did not pay any tuition or other college expenses, then this box should be empty.
Question: If box 1 is 10000 and box 5 says 6000, do I subtract and enter 4000? And i have 750 in out of pocket book expenses that do not go through the school, do I add that to my total expenses? I use a free service and there is no place to enter what is in box 5 specifically. Thank you!
If your tax preparation software is forcing you to net out the difference between tuition paid and scholarships, then I guess you could subtract the difference and enter it in. Since I'm not familiar with the service you're using, I'm not sure that it would achieve the desired result, but it seems like a logical conclusion.
You can add the out of pocket expenses if they're for books. Those would be qualified expenses for the education credits that you would try to claim on IRS Form 8863.
However, for the lifetime learning credit, qualified education expenses include amounts paid for books, supplies, and equipment only if
required to be paid to the institution as a condition of enrollment or attendance. In other words, if you bought the books elsewhere, then you couldn't claim that for part of the credit.
Here's more background on IRS Form 8863.
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
My son is a grad assistant at the university where he taught a class and was the strength coach for various sports. He received a monthly check and they paid for him to attend classes for a masters degree. He got a 1098T where his scholarships in box 5 is more than the payments received in box 1. Is any of this taxable?
It might be. You may need to complete Worksheet 1-1 in IRS Publication 970, Tax Benefits For Education, to determine this:
ruclips.net/video/aBkqgmoE7CQ/видео.html
I have a graduate assistantship and the university pays my tuition and fees. I just received one in the mail, but have never paid my own tuition or fees. Do I need to report this?
Generally, you would use the information on this form to claim one of the education credits on IRS Form 8863, Education Credits (if you're eligible for either tax credit):
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Although I cannot say for certain, but it appears that since the university is paying for your tuition and fees, you probably wouldn't be able to claim a tax credit. However, it might not be a bad idea to have a tax professional look through everything just to make sure nothing is being overlooked.
Hi ! I’m a bit confused
Box 1 (tuition) says $1008.00
Box 4 (adjustments for prior year) says $0.00
But Box 5 (scholarships or grants says) says $0.00
Would I have to disclose my Gi bill/BAH for this and thus would I not qualify for the credit ?
If the GI bill covered your tuition costs, then you would not be eligible for education credits...only costs that are otherwise not covered by grants or scholarships are eligible.
The BAH for your GI bill is treated like BAH on active duty. It's not taxable, and it's not reportable.
My 18yr son just received his 1098-T form from a university. I claim him as my dependent on taxes. I’m not sure if I should file the 1098-T or my son ? Any advice.
Neither of you needs to file this form. It simply indicates how much student tuition you paid during tax year (or your son).
But if you're looking to claim either the American Opportunity Tax Credit or the Lifetime Learning Credit on IRS Form 8863, then you'll need to make sure that you're in full compliance with the rest of the requirements (i.e. you actually paid or incurred the expenses, you're within AGI limits, etc). Here's more information on IRS Form 8863:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
If you claim your son as a dependent, then he cannot claim the education credits on his own.
@@teachmepersonalfinance2169 Thank you. I appreciate the help 🙂
My 2023 1098T box1 and box 5 includes the amount for Spring sem of 2024 also.
Should I only consider the 2023 amounts for tax calculation.
My box 5 is higher than box1, as I have a full ride that includes Room & board.
A couple of things:
1. If you received more in scholarship money than you spent on qualified education expenses (which don't necessarily include room and board), you may need to complete the Taxable Scholarship and Fellowship Grant Income in IRS Publication 970 to determine how much of your scholarship money is taxable: ruclips.net/video/aBkqgmoE7CQ/видео.html
2. You might be able to coordinate this with education credits, depending on your tax situation:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
3. Finally, IRS Publication 970 contains some good examples of different tax situations that might appear similar to yours. Specifically, Chapter 2 (American Opportunity Tax Credit), and Chapter 3 (Lifetime Learning Credit). You can use these examples to think about how you would report your taxes so that you maximize your available credit while minimizing your taxable income: www.irs.gov/pub/irs-pdf/p970.pdf
Thank you. I would not be eligible for any credits.
My question is whether I need to pay taxes.
My box 1 includes fees for Spring 24 along with Fall 23, and box 5 includes scholarship for Spring 2024, along with Fall 23.
Should I divide the 2 amounts by 2, and figure taxes only for the 2023 amounts ?
Essentially the school gave the spring 24 scholarship money in Dec 23, and also deducted Spring 24 fee in Dec 23.
@@lajamur1 You would need to complete the Taxable Scholarship and Fellowship Grant Income worksheet in Publication 970 to determine whether your scholarship money is taxable, and how to report it: ruclips.net/video/aBkqgmoE7CQ/видео.html
Hello, I went to two different universities last year, and both schools gave me 1098-T how do I Input that when doing my tax, I'm currently using E-tax which has space for only one university. I was thinking of added the two fee together don't know if that would be right
I would probably contact E-tax to get a specific answer to this question. My educated guess, based on how you would report on the forms themselves, would be that you could combine the number, then enter the total tuition paid on Form 8863, which would help you calculate the education credits that you would be eligible for. However, I cannot confirm this, as I'm not familiar with E-tax software.
Here are links to an article and video about IRS Form 8863, for more information regarding how the tuition is reported.
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Most E tax software have a worksheet you can use to combine the numbers on the form line
Help with filling this out while using gi benefits?
Do you have a specific question? If you're looking for help with the entire form, you may want to hire a tax professional to help you with your tax return.
I received by form 1098 and I saw the box 8 (Checked if at least half-time student) is mark “x” even though I started school in January 2023. Please explain the reason for the mark “x”. Thank you
Box 8 states that this means you're enrolled *at least half-time.* For many tax benefits, that is the minimum criteria, which this box indicates that you meet.
Hey i have a question can an international student file 8863 or 1098 T form ?
According to the form instructions, you cannot claim an education credit if the following applies:
You (or your spouse) were a nonresident alien for any part of 2023 and didn't elect to be treated as a resident alien for tax purposes.
So if you were treated as a resident alien, then you could claim an education credit. However, there may be certain situations in which the educational institution does not have to file Form 1098-T on your behalf. Regardless, you may claim the education credit, if you otherwise qualify, even if you did not receive a Form 1098-T:
However, you may claim one of these education benefits if the student doesn't receive a Form 1098-T because the student’s educational institution isn't required to furnish a Form 1098-T to the student under existing rules.
Below are links to an article and video we created for Form 8863, for reference:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Quick question because I am stumped my boxes are blank besides box 5. So when I go to file my taxes on TurboTax I always owe around 1700$. Is this correct because some have said not to put this form in my return. Also to mention my school is paid for by my community college. If you can answer that would be amazing thanks.
You should enter the information in this form, regardless of whether you think it impacts your tax situation. Odds are likely that nothing actually changes about your tax return, given the facts you just mentioned.
However, it's probably easier to enter the information now and ensure that your tax return is correct, than it is to revisit this in a couple years on the off chance that the IRS asks you about this return.
@@teachmepersonalfinance2169I'm having the same situation. Is it correct that my Federal Tax I owe is about $1400 when I enter the box 5 amount on my 1098-T? I've never had to enter the 1098-T before so should I still add it for this year?
Note that on my college portal it states: "This will not be sent to you or to the Internal Revenue Service as the amounts do not require reporting." Does this mean that the 1098-T is optional?
@@tonyruiz3078 For Form 1098-T, the form instructions state that education institutions must file this form with the IRS unless one of the following applies:
• Courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program;
• Nonresident alien students, unless requested by the student;
• Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships; and
• Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
If one of these situations applies to you, then you don't need to report this on our tax return. Regarding your federal tax liability, I have no idea whether or not $1,400 is the correct amount of tax that you should owe.
This might be a really stupid question but all of my classes are online and my school is located in a different state from where I live. That being said, while filing, it asks for the name and address of the school but then under the address it asks the state where I attended classes. My first thought was well obviously the same state of which the school is located, but if that were the case, why ask the state when I just filled out the address. So do I put my state of residence or do I put the state of which the school is located?
If you're talking about IRS Form 1098-T, you shouldn't have to complete any information. This is an informational return that the school should be providing that indicates how much tuition you paid (or incurred) during the tax year. You would then use the information on this form to determine education credits that might reduce your tax bill.
Was there a different question?
@@teachmepersonalfinance2169 I file through H&R and when I go through the educational credit information, it still has me fill out the address and name of the school, the total amount of tuition paid to the school for that year, and then the total grant/loan amount. Under the address for the school it asked what state I attended classes, which was odd and really threw me off since I live in a different state than where the school is located. Is it not normal for tax filing programs to ask you to fill out the information on the 1098-T?
@@nemelysia I think the H&R Block software is asking you for the information that was reported to you on IRS Form 1098-T. That way, the software can determine whether you're eligible for one of the education tax credits, and how much your credit should be.
But this information should be used to complete IRS Form 8863, not Form 1098-T. I am not sure why it asked you which state you attended classes in, but I imagine that this might be for state income tax purposes, as some states do offer a tax credit against income taxes for tuition payments.
I checked on my university’s website and I checked for my 1098 and it is telling me that there isn’t any available 1098-T data. What should I do?
Assuming that you actually paid tuition for last year, I would try to contact someone in the registrar's office. This form is supposed to be available to taxpayers no later than January 31. But you might not get a Form 1098-T if you fall under one of these exceptions:
• They don't have to furnish a 1098-T for courses for which no academic credit is offered, even if the student is otherwise enrolled in a degree program;
• Nonresident alien students, unless requested by the student;
• Students whose qualified tuition and related expenses are entirely waived or paid entirely with scholarships; and
• Students for whom you do not maintain a separate financial account and whose qualified tuition and related expenses are covered by a formal billing arrangement between an institution and the student’s employer or a governmental entity, such as the Department of Veterans Affairs or the Department of Defense.
For example, if your entire college education is being paid for by the GI Bill, then you might not receive a Form 1098-T.
Box 5 (scholarship and grants) are greater than box 1 ( tuition) my question do I have to pay taxes? If so, how to pay taxes? Is in Taxable income question 16 or 17 Tax?
Help please
You may need to pay taxes if your total scholarships and grants exceeded your tuition. But you should enter this information into your Form 1040 to make sure. Completing your Form 1040 accounts for all income sources, deductions, and tax credits. This will help you better understand whether or not you owe taxes with your tax return.
I don't understand the last question. Could you rephrase it?
How much to fill my 1098-T if I’m going to to it in person??
If you're the college student (or the person paying college tuition for someone who's a dependent), then you shouldn't have to complete this form at all. You should expect to receive this form from the college, then report certain information on your tax return.
The most common way to report this would be to take the education tax credits (see below):
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
However, if you cashed in Treasury bonds to pay college costs, you could use this information to complete IRS Form 8815 as well:
IRS Form 8815, Exclusion of Interest From Series EE and I U.S. Savings Bonds Issued After 1989
Article: www.teachmepersonalfinance.com/irs-form-8815-instructions/
Video: ruclips.net/video/kFA8M0Kw2uw/видео.html
Can I file this form 1098-T myself, if yes, how do I do it?
You should receive this form, but you don't need to file it. If you're filing a tax return, you might be able to use some of the information in this form to apply for education credits on IRS Form 8863.
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
If you don't qualify for the education credit, then you probably don't need this form.
Can a parent of a student with a fullride schlorship claim anything?
If your student received a free education, with no expenses to report, and no student loans to repay, then I'm not sure that there's anything available in the form of tax credits or deductions.
You can, however, convert unused 529 funds into a Roth IRA for your child (up to a lifetime limit of $35,000, subject to annual IRA contribution limits), which is a great tax benefit.
Hi ,i dont have any taxes or w2s to file for 2023 since i havent worked, but i received this 1098-t because i am enrolled in online schooling, i have the pell grant and other subsidized and unsubsidized loans covering my tuition as well as the g.i. bill, can i file this 1098-t form by itself and recieve a return??
No. However, you may be eligible for a refundable portion of the American Opportunity Tax Credit, which you would file IRS Form 8863 for, then include in a tax return. However, this would only work if you paid tuition and qualified expenses in excess of your Pell Grant and GI Bill. Then, you would also need to file IRS Form 1040 to claim that tax credit.
Here's some more information on education credits:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
No is not entirely true unless your pell grant covered all of your tuition. Whatever is paid out of pocket from you or even loans can still have some benefit and get you a refund amount.
@@moonboi317 I did mention that: "This would only work if you paid tuition and qualified expenses in excess of your Pell Grant and GI Bill. Then, you would also need to file IRS Form 1040 to claim that tax credit."
You wouldn't be able to claim any education credits without filing your Form 1040.
@@teachmepersonalfinance2169 ohh my apologies💯
How do I know if I should claim anything or use it at all? Box 1 says $100.64 Box 5 says $3,174.00. My total cost for 2023 was $3,781.28
You *may* be able to claim one of the education credits on IRS Form 8863, based on amounts that you paid for tuition and qualified expenses. Below is more information so you can look to see if you might qualify.
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Hi, I’m a student but I didn’t get my 1098 T why is it and I can’t find them anywhere in my school website
You should probably talk to someone at your school. I'm not sure if it would be the admissions office or financial aid offices, but if you start there, someone should be able to point you in the right direction.
Where on form 1040 does line one go though?
This wouldn't go on your Form 1040. You may use it on IRS Form 8863, if you're eligible to claim education tax credits:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Question: My student loan is in box number 5 as (Scholarship or grant) and it is not the correct amount. IS this an error or what? Do you have any idea? Graduate student and box number 1 amount is higher than box number 5.
If your student loan was improperly reported as a scholarship or a grant, then you should talk to your form issuer about why they reported it like that. Either they can explain the circumstances as to why they issued your Form 1098-T like this, or they should issue a corrected Form 1098-T.
Thank You for the information.@@teachmepersonalfinance2169
Hi if Ihave amount in box 6. What do I have to do?
You should take a look at last year's return to see if there's any impact from this change. If changing the amount makes your tax bill change, then you might need to file an amended tax return. From the form instructions (Box 6):
This amount may affect the amount of any allowable tuition and fees deduction or education credit that you claimed for the prior year. You may have to file an amended income tax return (Form 1040-X) for the prior year.
Hi , I need help with this .
Box 1: 10350
Box 5 : 10300
But I have book expenses of $430
Do I still qualify for the AOTC?
It appears that if you're eligible for the AOTC, the most you'd be able to claim is the $50 above and beyond the scholarship grants. Your book expenses of $430 should be included in the Box 1 amount, but if not, then you may be able to claim that as well, assuming that you meet the other AOTC requirements.
You also have to meet the income and enrollment requirements, not have used your 4 years of eligibility, not be considered a dependent, and not have a drug conviction.
I just receives the 1098T but have already filed. My scholarships and grants exceed my payments received for qualified tuition. Would I need to amend and report the excess scholarships as income?
Depending on how much the difference is, you could either wait for the IRS to calculate the difference, then send you a bill (which might include interest and penalties), or you can file an amended tax return. If you do the second, you should probably wait until after tax season, so it doesn't interfere with your already-filed tax return.
You may consider discussing with a tax professional to see if it's worth the cost of filing an amended return.
I have a 100 % scholarship and I just pay some international student fees. So, do I need to file this 1098-T tax form?
You probably don't need this form for your tax return. However, I would double-check to see if you are eligible to claim an education tax credit (if you have other income), based on the international student fees (allowable for a tax credit if they are required enrollment fees as part of your course of study).
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
Is this 1098T should be shown in other income documents while filing federal tax in Springtax?
@@sharupandbarsha I doubt that your tax preparation software will generate this form for you. You should have received this form from the college that you attended. But if you're using Sprintax, I am assuming that you are filing Form 1040-NR as a nonresident alien. In this case, your college might not have generated Form 1098-T. You don't need to file it, and I don't believe there's much that you'd be able to do with it if you had one in hand.
I only received copy B. So do I have to fill that out?
No. That's your information return, which you can keep in your records. If you're eligible for education tax credits, you can use the information from your Form 1098-T to complete IRS Form 8863:
IRS Form 8863, Education Credits
Article: www.teachmepersonalfinance.com/irs-form-8863-instructions/
Video: ruclips.net/video/ZHw6UqA4l0c/видео.html
@teachmepersonalfinance2169 I only receive form b I just keep for records and I don't qualify for credit. So I don't have to fill it out and file it and just keep for records
@@tut1414 That's correct.
I have a question. What if Box 1 is not filled? But box 2 and 5 are filled?
As far as I know, Box 2 shouldn't have anything in it, since the IRS instructions state, "Reserved for future use."
Box 5 simply reports the amount of scholarship or grant money received on your behalf. I'm not sure that I can give you more guidance without knowing more about your tax situation.
@@teachmepersonalfinance2169 oh it’s okay! Thank you very much for this clarification
If my box one is 10,000 box 4 is -5,000 and box 5 is 8,000. What does box 4 being negative means? Does it mean I own IRS or or what? My colledge also never saw Negative number so they where lost.
My last T-1098 Box 1 was more then Box 5. I am very lost even more
If Box 4 is negative, that means that the college made a negative adjustment to the amount of tuition that you paid in the prior tax year (2022). My guess is that the adjustment was applied to 2023 (if your Box 1 is larger than you expected it to be).
If you did not take a tax credit for that prior year (Education credits), then you shouldn't have to do anything. But if you claimed education credits by filing IRS Form 8863, then you may need to recalculate your tax credit from the prior year, then determine if you owe taxes based upon that change.
IRS Publication 970 contains some additional information. Just enter 'credit recapture' in the search bar, and the second (or third) result will lead to the paragraph on how to walk through this situation.
www.irs.gov/pub/irs-pdf/p970.pdf
Way too much info that doesn't help... I think we all just want to know how to apply these numbers to our tax returns?? Where do these numbers go??
If you didn't get what you needed from the video, you can always check out the article, which walks you through what you can use for your tax return: www.teachmepersonalfinance.com/irs-form-1098-t-instructions/
what if Box 5 is greater than Box 1?
If you received more in scholarships than your eligible expenses, you be required to report the excess as income, on Schedule 1, Line 8r. First, you should walk through the Taxable Scholarship and Fellowship Grant Income worksheet (Worksheet 1-1 in IRS Publication 970, Tax Benefits for Education). Here's the link to a video we did on that worksheet: ruclips.net/video/aBkqgmoE7CQ/видео.html
If you do need to report excess on Schedule 1, here's a link to a video and article that we created about Schedule 1:
IRS Schedule 1, Additional Income and Adjustments to Income
Article: www.teachmepersonalfinance.com/irs-schedule-1-instructions/
Video: ruclips.net/video/TUMnegmniDI/видео.html