Get IRS 1098-T 2014

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.

Form 1098-T, Tuition Statement reports the amount of qualified education expenses paid by the student during the tax year. ... The IRS doesn't refund your tuition costs, but they will give you education credits, or an education deduction.

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. ... You can claim the $2,500 American Opportunity Credit for each qualifying student on your federal income tax return.

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.

Intentionally failing to file an IRS Form 1098-T and to pay tax on the taxable portion of a scholarship is tax fraud. ... This will reduce the amount of the student's income tax refund, if any, or result in a tax bill that must be paid. The student may also be subjected to late fees and penalties, if appropriate.

Answer. The usual reason that a refund amount would go down once tuition is due to the Working Income Tax Benefit (WITB).The WITB is automatically assigned if your income level and other personal details make you eligible.

If your only income is a tax-free scholarship or fellowship, you're in the clear. You don't have to file a tax return or report the award. However, if all or part of your scholarship is taxable and if that money is not recorded on your W2 form, you must report it.

Untaxed Scholarship Funds You generally won't have to pay tax on scholarship money used to pay for basic expenses related to your education. The IRS calls these qualified education expenses." These expenses include: Tuition and student fees.

Generally, you report any portion of a scholarship, a fellowship grant, or other grant that you must include in gross income as follows: If filing Form 1040 (PDF), include the taxable portion in the total amount reported on the "Wages, salaries, tips" line of your tax return.

If you receive more in scholarships than the cost of tuition and other qualified fees, you'll have to report the difference on your taxes. Don't worry. ... The IRS states that any money received for teaching, research, or any other services required as a condition for receiving the scholarship must be reported as income.

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.

Who gets the 1098-T form. Schools must send Form 1098-T to any student who paid "qualified educational expenses" in the preceding tax year. Qualified expenses include tuition, any fees that are required for enrollment, and course materials required for a student to be enrolled.

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.

The parents will claim the student as a dependent on the parent's tax return and: The parents will claim all schollarships, grants, tuition payments, and the student's 1098-T on the parent's tax return and: The parents will claim all educational tax credits that qualify.

A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. ... You can claim the $2,500 American Opportunity Credit for each qualifying student on your federal income tax return.