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The Form 1098-T is a form provided to you and the IRS by an eligible educational institution that reports, among other things, amounts paid for qualified tuition and related expenses. The form may be useful in calculating the amount of the allowable education tax credits.
Shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T. This amount may reduce any allowable education credit that you claimed for the prior year (may result in an increase in tax liability for the year of the refund).
Form 1098-T contains helpful instructions and other information you’ll need to claim education credits on your federal tax form. These credits help offset your out-of-pocket expenses for tuition and fees, books and equipment.
In order to calculate the qualified expenses that you can claim, Form 1098-T from your school is needed. According to the IRS, you must reduce any amount of qualified expenses by the amount you received as scholarships and grants.
Education Credits and Deductions (Form 1098-T) Education tax credits help offset the expenses of higher learning by reducing the tax an individual would owe the IRS and may increase their refund if they have no tax liability.
4 Ιαν 2022 · For tax years beginning after June 29, 2015, generally 2016 tax year returns, you must have received an IRS Form 1098-T from an eligible educational institution to claim the American Opportunity Tax Credit or Lifetime Learning Credit.
Form 8863, Education Credits, is used to determine eligibility and figure each credit. Students receive Form 1098-T, Tuition Statement, from eligible educational institutions, which identify tuition and any related expenses paid to the educational institution, and/or reimbursements or refunds.
