Tax Form 1098-T: Important Facts for Students
- 7 February 2023
Filing the 1098-T tax form can be daunting, but it doesn't have to be! This form is an important document for college students and their parents to file to get the education tax credits they deserve. In this blog, we'll review the basics of the 1098-T form and some interesting facts you may not know.
For starters, here are five exciting and unknown facts about the 1098-T document:
- The 1098-T form is only available to an accredited college or university student.
- You must file the document for the tax year you paid your tuition, not the year you received it.
- You can file the copy online through the IRS website.
- You can use the tuition statement to claim the American Opportunity Credit and the Lifetime Learning Credit.
- You can only claim tuition and fees listed on your 1098-T form. You must submit that information separately if you paid for any additional fees, such as books or room and board.
Now that you know some of the basics and facts about the 1098-T form, let's review the form in more detail.
This tax document used to report qualified tuition and fees the student pays. It is used to report tuition and fees payments to the Internal Revenue Service (IRS) and by students and their parents to claim education tax credits. The template includes the student’s name, address, Social Security Number (SSN), and tuition and fees paid for the tax year. It also includes the number of scholarships, grants, and other payments made on behalf of the student.
The sample also includes a box to indicate whether the student is enrolled at least half-time and a box to indicate whether the student is a degree-seeking student. Finally, the template includes a field to indicate whether the student is a nonresident alien for tax purposes.
When filing the tuition statement, it is important to ensure that all the information is accurate and complete. This is the only way to ensure you receive the full education tax credits you deserve. If you have any questions or concerns about filing the 1098-T copy, it is best to consult a tax professional.
Filing the 1098-T sample doesn't have to be a hassle. With some preparation, you can ensure that your form is filed accurately and promptly. Knowing the facts and the tuition statement basics can help you save time and money.
