1098-T question | TigerDroppings.com
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The Mick
Towson Fan
Member since Oct 2010
25899 posts

1098-T question

Spouse and I both took some college courses last year.... I just got notification that a 1098-T was on its way to me...

I realize you are not my cpa but what is your knowledge of this form and what amounts can be deducted. Thanks.




Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
17386 posts
Online

re: 1098-T question
The 1098-T will report the amounts you paid for expenses that qualify for certain education deductions or credits. Usually the credits are a better result than the deductions. See Form 8863 or IRS Pub 970 for more detailed info.


Golfer
LSU Fan
Member since Nov 2005
59770 posts

re: 1098-T question
IIRC its up to $4k annually


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lsurulzes88
LSU Fan
Member since Jan 2007
178 posts

re: 1098-T question
I am in the same boat with my 1098 T. One question for you; I have an excess of scholarships that I was awarded. Can I still use the amount for qualified tuition and expenses for the Lifetime Learning Credit?


LSUMon
LSU Fan
Monroe
Member since Aug 2006
397 posts

re: 1098-T question
Not if your scholarship is wipes out all the expense.


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The Mick
Towson Fan
Member since Oct 2010
25899 posts

re: 1098-T question
So whatever amount is on the 1098 is deductible from income?


BrandNew
Member since Aug 2010
330 posts

re: 1098-T question
(no message)
This post was edited on 1/29 at 12:17 pm


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