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Tax Help: What Do I Do With a 1098-T? What is a Form 1098-T? How Do I Get One?

College Tax Refunds 56 views

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You may contact me about your specific tax situation at this email:brSteve Hunt CPA at College Tax Refunds combrbrRemove all spaces and replace "at" with @
Comment from : @collegetaxrefunds

I didn't know we need to tax-file for tuition Can I still file tax for year 2023?? And how would that work for return??
Comment from : @sandhyabhandari9682

So I pay out of pocket for one online class $151 and got reimbursed around $138 because $13 was health fee for college I got a 1098 T form but on the reimbursement box it says nothing O on it! I’m not sure why I received one is there anything to claim? Do I still need to file for taxes? I wasn’t working I was a student and Box 1 has $000 from the college that I attended!
Comment from : @Mobile_Gamer707

Hi I received a form 1098-T box 1: $470036 box 5:$11824 box 4: $144764 box 6:144764 box 8: checked How should I report it This is my third year claiming this credit but first year receiving that amount of grants I am doing my taxes my self I am new tax preparer btw Your videos have helped me a lot thank you so much
Comment from : @jaimecruz3529

how do i tell my father that i want to drop college
Comment from : @lokitunes4256

Can you claim this credit and the lifetime credit?
Comment from : @graysontownsend6453

Is it normal for the school to charge $50 to send the form to me in california?
Comment from : @Starheart1111

Skip to 13:45
Comment from : @crowdofdissidents155

Hey, I’m an early college student and below 18 and I recieved this form Would I give this to my parent who’s filing taxes as their dependent?
Comment from : @MontseA103

otra pregunta tienen servicio en español
Comment from : @gabrielanunezz3629

hola tengo una pregunta, este crédito aplica para itin?
Comment from : @gabrielanunezz3629

What if box 1 is lesser than box 5? Should I still file the form? I called my school and they said it’s correct Should I input box 1 on my taxes or leave box 1 blink and only include box 5?
Comment from : @sassysimone6637

I received a 1098 T for tax year 2024 for the first time Box one says the same amount as box 5 I am unsure what to do because I haven't received any scholarships or grants What should I do?
Comment from : @SAAC-TX

Up to 2500?? Man I been in school 2 years and never knew this is my first time filing !!
Comment from : @Akac3sh

Hi my name is Ayana and I am active in y very own 2024 new Income tax statement this year and I hope to receive a refund back with all of my scholarships/grant earned for the year and I think this video is great with the help and support for my records and information! & this is what I have which Is the 1098T-Form as well and I attend the University Of Phoenix for Science in accounting thanks
Comment from : @AyanaLouder

How about voting for someone who would remove this nonsense and actually give students a tax break? eh? starting to sound better huh?
Comment from : @Vnix

Question,brIf im a parent who claimed my college student as a dependent, does my student have to pay taxes on their scholarships? Ive claimed my student the past four years as a dependent and reported their income as zero in CA They meet all the requirements of being a dependent During the same timeframe, the student recieved scholarships that exceeded 20k over the cost of tuition that covered their room and board each of the four years Will my student have to refile taxes with the IRS for the previous four years and report the scholarship excess as income? Will they get in trouble with the IRS if they dont do anything? Im just discovering about this error now looking into tax law
Comment from : @citrakzanimo5402

Hello Thank you for your video itnis very helpfull I have an additional question if all the money I paid to the college was from a grant
Comment from : @lilianahernandez4757

What if only the 1st box has been filled, over $10,000? I am a dependent to a resident alien I just received mine today
Comment from : @Abaa727

Great video!! Awesome job explaining the topic!
Comment from : @drewpack2783

trying desperately the get credit(s) you spoke of on the video form 8863 our scholarships are more than the tuition paid trying to find this wages section you spoke of starting at 12:41 is this applicable for 2023 taxes???? I am using a tax software online, and I am not finding a way to enter the amount in there is no "other income" section on my software Also, since I am claiming my child as a dependant on my taxes, do I add the 1098-T on my taxes, or should they??? Thanks!!
Comment from : @sharonlocklear5403

Can my 19 yr old full time college student claim the AOTC on his own tax return? He had a part time job with income over $7000 Our income is over the limit to claim the credit She we just not claim him as a dependent and loose the 500 so he can claim the AOTC
Comment from : @ladytmomma3192

Does a parent filing married filing separately affect the education credits We filed jointly in 2021 & daughters info qualified for American tax credit but didn’t qualify 2022 when filing separately
Comment from : @MusicLover-jq3tt

Steve is awesome
Comment from : @MaxWilbert

I have a complicated tax issue in Florida Single parent with no income who claims (previously a minor but now 19) a dependent child on taxes and for Family Medicaid Dependent is filing taxes as a full time student who also works part time and I claim dependent This past year dependent has the Pell Grant and additional grants and scholarships and received the 1098T form brWho can assist us in filling our taxes? It is overwhelming to figure this all out
Comment from : @prevostflorida9728

This is really good info, especially since we are just starting out with the 4 years of college Thanks Do you have one that is more recent? Or is the info not that different from year to year I'm watching this for 2023 tax return
Comment from : @mindfulfrontiers

my question is how to deal with a box 7 checked on a 1098-T
Comment from : @kimberlypadgett2389

What if you have twins? Can you claim it for both children?
Comment from : @rubybeard944

Can you discuss box 4?
Comment from : @Romaine101

Thanks man
Comment from : @djslife7082

Hey! Tried contacting you via email Kindly help!
Comment from : @shubhangisrivastava6654

Ok in order to claim this American Opportunity credit, I need to file on paper only? I’ve been using Turbo Tax and haven’t receiving the credit So this year I want to do right and do amendments as well for previous years
Comment from : @cristinainniss

We got 1098-T for my kid with $39,000 in box 1 and $50,000 in box 5 What amount is the taxable amount and how to report it I'm afraid my H&R Block software is not doing it right
Comment from : @cje2817

What is a good way to contact you, I've been doing my son's tax returns & I think I did it totally wrong all 3 previous years, can you help? and how can I contact you
Comment from : @hildamunguia7640

Thank you for this valuable information I have question and I need your help how can I contact you?
Comment from : @sujithachittiprolu979

Just found this video Helpful information What if the amount in box 1 includes $ paid by a 529 account set up by the grandparents? The student, however, would be claimed as a dependent on the parent’s return Does it matter?
Comment from : @paulclough8541

Hi, this is the first year I received FASFA and am doing my taxes with turbo tax It’s not giving me a form to fill out for that it’s just asking what the total grant money I got was and immediately deducted it from my tax refund What am I doing wrong?
Comment from : @aliyahtrujillo5052

I don’t work with my social security but my college has given me form 1098 T can I use only that to file taxes my myself
Comment from : @janetadarkwahgyamfi2966

So who adds this amount? My 19 yrs old daughter on her taxes or me on my taxes ?
Comment from : @nancyglez11

so you should change your w-4 so you get more take home pay so you have to owe plenty of taxes so you can get the maximum credit for education
Comment from : @paulbentley7314

This is my 3rd year of college and they are saying I don't qualify for the American Opportunity credit because Scholarships exceed the education expenses even though I'm showing the difference as income Also, states there were no net education expenses I did input my 1098- My Turbo Tax didn't even start the form 8863 What can I dobrt
Comment from : @BettyZander

So is box 5 the amount of scholarships or loans that I accepted because I never accepted any?
Comment from : @lads5080

Anyone know why TurboTax is stating I only get $6 in the education credit ☹️
Comment from : @nataliabrooks9641

If my job pays for college Can I still claim the AOTC?
Comment from : @elguapo173

Interesting
Comment from : @stardust2146

What if the student has already graduated college?
Comment from : @boring_yt8324

can i claim a tuition from 2018
Comment from : @Julianmorales-m9d

Very informativethank you for posting this video ❤
Comment from : @joodd6603

In my form 1099-T it says I have no tuition expenses (box 1) but in the scholarship box, it’s says $2,000 that I received I realistic spent on $150 on school expenses The remaining $1,850 was for non school related stuff What form/line do I included the $1,850 that wasn’t used for school? With paying taxes on that amount and so little school expenses, I do still qualify for the American opportunity tax credit? I’m filling single, used the credit only once before, not a felony,etc
Comment from : @georgelopez9517

Hi, my parents are gooing to a tax preparer very soon I am a dependent and I was wondering if it’s okay to include my 1098-T form for 2022 even thought I did not include my past two 1098-T forms from 2021 and 2020 in the previous tax returns? Basically, Is it okay for my third 1098-T form to be the first one I actually give to the tax preparer? Also, I do not have a printer so is it okay for me to save the form on drive and have the tax returner print it?
Comment from : @kindree5414

what the cost of your service thanks james
Comment from : @jamesbuddy3485

Hi, I need help to Claim electric car credit, how can I contact you
Comment from : @HIEUNGUYEN-iu7io

Hi Steve,brbrIs your website down? It automatically redirects me to your YouTube channel What’s another way to contact you?
Comment from : @angeltreminio5148

Does this apply to international students as well?
Comment from : @zedekiasamara1783

What happens if you are a parent and a student and have a student that’s also going to college…can this credit be claimed twice?
Comment from : @Ivyhelpmate

Hello! I have a question I filed last year and my 1098 form had Spring 2022 semester billed on it for 2021 Now fast forward I’m trying to do my taxes and my 1098 form has $0 for qualified tuition I’m assuming because it was on the 2021 form I did receive scholarships for the year 2022 and those do show up on box 5 of the 1098 I’m sort of lost and don’t know what to do from here Please help me!
Comment from : @briannaandrade813

im currently filing taxes and was told that my personal income needs to be higher than my scholarships amount does this still qualify now in my situation?
Comment from : @YoboVFX

My daughter received the 1098T she graduated in july in Florida and now she is living in PR She is my depedent What I should do?
Comment from : @idalyrivera3153

Ugh I already filed I wish i would have watched this first After entering the 1098 T info… it said i get zero I wish i would have known how to properly enter this information Now I hesitate to amend it Saving this video for next year 😫
Comment from : @Pinkflo363

Im in high school and I got one of these paper and I’m a bit confused Is this like a bad thing or a good thing? Also when I get one do I have to do anything?
Comment from : @shw0987

Thank you for the video but I am still so confused does box 1 show you how much you will receive back? How do I know how much I will get
Comment from : @niadoster5614

I just have a numerical value under box 4 What does this mean/ how will this affect me ? I am a recent college graduate
Comment from : @noahvoss8301

I didn’t use my last yeas 1098 and I just got my new one can I use both this year? Ps i didn’t know what is was so I’m researching
Comment from : @glowingyeti9147

So my question is: I am enrolled in a graduate program, and my 1098 T is $6586 My wife was in an undergrad program, and her 1098T shows $3500 Do I file the lifetime credit and her the American credit? Can both be claimed?
Comment from : @vincejohnson5008

Hello, sir I have a question regarding the taxable grants My grants were more than the total I had to pay, and i got the refunded check to myself, but i now understand that the money is taxable With that being said, do i still have to file it to the IRS even if it's under 10k? Would I get in trouble if I didn't file? And could i get this AOTC because this year they sent me the 1098 T form?
Comment from : @hvlogs7963

Hello kind sir, I hope you are well Quick question: I am dependent on my parents and they file a joint tax return I was employed for about a week year of 2022 and earned my wages I have been attending college for two years (2021-2023) with a full ride due to grants Since the grants exceeded the amount of tuition I had to pay, I got the excess left for myself throughout these two years via direct deposit Do I need to file tax return? Also, I got a 1098 T form, do I have use for it?
Comment from : @boiledegg-h1c

Hi, I got grants and FAFSA and I have three of the 1098-T (2020,2021,2022) and they all say “Copy B For Student: This is important tax information and is being furnished to the IRS This form must be used to complete Form 8863 to claim education credits Give it to the tax preparer or use it to prepare the tax return” I am a dependent and my family has a tax preparer who does our taxes, but I did not know I was supposed to inform our tax preparer about these; I thought that he would have already received the information through the IRS I will send him the 2022 form when we do our taxes in a few months but what do I do about the 2020 and 2021 forms? My school has sent me online versions of them brbrWill I get in trouble for not have shown those forms in 2020 and 2021? Should I mention to the tax preparer that I didn’t send the 2020 and 2021 forms?
Comment from : @kindree5414

I have 1098-t from 2019 to 2021 What form to amend do I need for tax year in 2023? I have not file any of the three years with the 1098-T
Comment from : @sjuni8137

Are you still helping to claim with money we missed in the past I tried searching your website but it doesn’t come out
Comment from : @gladyy6213

Hi! I would greatly appreciate some advice I have been going to college since 2016, graduated from community college in 2021 2016 - 2021, I never reported my scholarships and pell grant refunds as taxable income I think I gave my tax preparer the 1098-T form some years, but it did not seem to result in anything A majority of it was spent on books, supplies, uniforms etc but it's hard to say how much of the money exactly was used for qualified tuition and related expenses Is this a major issue that I did not report refunds as taxable income? My main concern is owing money to the IRS brA few other questions:brWhen I look at my wage and income tax sheets, the amount of money for scholarships and grants is a lot more than the line that says the amount for qualified tuition and expenses Some years, the qualified tuition and expenses line is also $000 I don't even know if these two lines are related and what it means, but does it make it look like I got a lot of scholarship money that should have been reported as taxable income? brWhy would some years show $000 amount in the qualified tuition and related expenses line? brAlso important to note that I was a dependent of my mom for a few tax years up until 2019 I believe brYou explain things so well and I had no idea about the american opportunity tax credit - I'm not sure I even qualify since I have never reported Pell grants as reportable income From watching your videos, I see how complex it can be to calculate - so confusing! brI am also filling out 2023-2024 FASFA and question 40d asks how much taxable college grant/scholarship aid I reported to IRS as income By not reporting previous grants/scholarships as taxable income, does it also affect future financial aid amounts I receive? brIf I understand correctly, I dont think I had enough left over (refunds) in what could be considered taxable income to be in the $3,000 - 5,000 range to qualify for the AOTC creditsbrThank you!brI apologize for so many questions and if these questions have been answered in other threads/videos as well
Comment from : @jeaniebeanie5860

Hi, I’m a full time student and I’m my parents dependent My Pell Grant covers my whole tuition expenses and my parents don’t pay anything for my education How can they claim me as a dependent college student? When I checked on my college website, it says that you’re only eligible for a 1098-T form if you pay out of pocket, so we never got one Could my parents get a tax return on me if they didn’t pay anything for my education? If yes, how? Please let me know, thank you in advance
Comment from : @MichaelSmith-ig6jc

I have a 1098-T from two colleges (College A and College B) College A gives me $24,000 in refunds (which will be taxed in April 2023) Can I use College A's refunds to pay for College B's tuition of $24,000? (If College A's refunds don't get applied, College B will pay the full $24,000 out of pocket and not issue me a refund of $24,000 If College A's refunds do get applied, College B will issue me a refund of $24,000)? Or will they get taxed twice, as 1098-T's for both schools show tuition refunds? Please let me know if you have any questions
Comment from : @menoworganize1835

What if I actually paid $2500 out of pocket above any scholarships my son (he is a dependant) received I would be eligible foe yhe AOC, correct?
Comment from : @davidwild3888

Thanks for the tips I didn't take this credit the first year because my son got all tuition paid for by scholarships, but now I will claim it the next four years I presume I have to report the taxable scholarships (up to $2500) on my return ( son is dependent) not my son's return, correct?
Comment from : @davidwild3888

Hi I am needing help with my AO credit I had the college help me with it and it looks to me as if they did that part incorrectly I need help please
Comment from : @celestepin3046

Do you have a video going through filing out a student's taxes My parents don't know anything about taxes I'm only 17 I have to help myself You did a great job explaining it but I just need confirmation
Comment from : @Naturebeautifaul

I guess what is below confuses me So All three times must apply in order to NOt qualify for AOTC?brbrYou do not qualify for a refundable credit if items 1 (a, b, or c), 2, and 3 below apply to youbr1) You were:bra Under age 18 at the end of the year, orbrb Age 18 at the end of the year and your earned income was less than one-halfbrof your support, orbrc Over age 18 and under age 24 at the end of the year and a full-time studentbrand your earned income was less than one-half of your supportbr2) At least one of your parents was alive at the end of the yearbr3) You are filing a return as single, head of household, qualifying widow(er), orbrmarried filing separately for the year
Comment from : @almaur703

The more I read about the AOTC, I find myself confused Can a student that is single, let's say is 32 years old (never completed 4 year college), qualify to claim the AOTC?
Comment from : @almaur703

Steve, Regarding the child tax credit for Freshman, Sophomore and Junior year, my daughter was a dependent The tax preparer told her "It's too bad your parent's didn't give you that $15,00000 It would have helped you get by Our daughter has held this over my head and has now and no longer speaks to us She says I owe her the $15,00000 I have the 2011 Form 1098-T It shows in box 2: $28,70000 and box 5:$25,45200 The tax preparer has passed away and I really could use some advice It's totally wrecked our family She graduated in 2012 with three degrees PARENTING---ugh Thanks for any help you can provide
Comment from : @mogala3068

Hi, Student has to file Federal and State tax returns for scholarship money?
Comment from : @gracekim625

I'm not a dependent I go to a technical college in Florida and i have a FAFSA Pell Grant I received my 1098-T but when I finished filing my taxes I don't see anything about my education credit I use H&R Block and it said it will tell the IRS that I'm a student but it didn't let me put any info from my 1098-T form My 1098-T form in Box 1 says "payments received for qualified tuition and related expenses is $5785" Do I need to file an amended return and will I get education credits added to my tax refund?
Comment from : @dee3522

Do I have to file the form at all? I got no scholarships and paid only 86 dollars of tuition I don't want the credit this year, I want it next year at University sir?
Comment from : @ericarona8599

I am so grateful for your video I have researched this deeper and my head hurts, because everybody always says "the student reports all his scholarship up to the amount needed to claim the credit" HUH???? Please, sir, what IS that amount??
Comment from : @demillevantigo7432

What do I do if my pell grants paid for all my classes so my school never filed a 1098t form for me Do I still need the form or no?
Comment from : @Ssamell123

My daughter's college did not give her a 1098 t form this year saying she didn't need it but I can't finish filling tax slayer taxes for her without it
Comment from : @lal8816

My taxes were prepared by a new CPA I forgot to give him these two form for two daughters I owe taxes, if he uses these two forms will this reduce my tax I currently owe
Comment from : @cheflee1846