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1098-T question
Posted by The Mick on 1/26/11 at 10:17 am00
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.
I realize you are not my cpa but what is your knowledge of this form and what amounts can be deducted. Thanks.
re: 1098-T questionPosted by Poodlebrain on 1/26/11 at 10:24 am to The Mick
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.
re: 1098-T questionPosted by lsurulzes88 on 1/26/11 at 11:04 am to Poodlebrain
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?
re: 1098-T questionPosted by LSUMon on 1/26/11 at 2:54 pm to lsurulzes88
Not if your scholarship is wipes out all the expense.
re: 1098-T questionPosted by The Mick on 1/26/11 at 2:58 pm to Poodlebrain
So whatever amount is on the 1098 is deductible from income?
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