Where Does A 1098t Go On My Taxes If I Do Them No Hr Online?
I was doing my taxes online and did not see a section in debts or gains for a 1098t that I received from my school. This is the form for how much i have spent this past year for my education. So where does this go ?
thanks
Oh ! Im doing my taxes on hr if that helps .
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October 22, 2009
5:01 am
A 1098 T form shows the amount of qualified tuition received by your school. This amount may make you eligible for either the Hope Credit, the Lifetime Learning Credit, a Tuition & Fees adjustment to your income, or an itemized deduction for Work Related Education Expenses.
A 1098 T form also shows your scholarship amounts. If your scholarship money was used for personal expenses, or living expenses, it might be considered taxable income to you.
IRS Publication 960 Tax Benefits for Education, goes into greater detail on this.
If you are paying interest on a student loan, the amount of interest paid up to $2500 is also a tax deduction for you. That will be reported on a 1098 E.
File form 8863 to claim either the Hope or Lifetime Learning Credit.
Good luck