1098-T question | TigerDroppings.com

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The Mick
LSU Fan
Member since Oct 2010
22289 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.








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Poodlebrain
LSU Fan
Way Right of Rex
Member since Jan 2004
15312 posts

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.





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Golfer
LSU Fan
Coral Bay, St. John, USVI
Member since Nov 2005
56835 posts

re: 1098-T question


IIRC its up to $4k annually





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lsurulzes88
LSU Fan
Member since Jan 2007
177 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?





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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
LSU Fan
Member since Oct 2010
22289 posts

re: 1098-T question


So whatever amount is on the 1098 is deductible from income?





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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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