1098-T Instructions 2023 - 2024
Contents
Form 1098-T – Tuition Statement is the information return that needs to be furnished to students by the schools. This information return is used by the students to calculate educational credits such as the lifetime learning tax credit or the American opportunity credit. In this article, we will provide you with Form 1098-T instructions for both students and schools.
Form 1098-T contains simple information about the student’s tuition. On Form 1098-T, schools are required to provide the following information. It’s pretty simple and there is no further instructions needed for these money amounts. These must be reported to the student so that the student can use it when filing a tax return to calculate the credits mentioned above.
- Amount of the payments received for qualified tuition and related expenses
- Amount of the adjustments made for a prior year
- Scholarships or grants the student received
- Amount of the adjustments to the scholarships or grants for a prior year
- Whether or not if the amount in box 1 includes amounts for an academic period beginning January–March 2024
- Whether or not the student is a graduate student
- Amount of the insurance reimbursement or refund
The above information entered on Form 1098-T will be enough to for the student to figure out the amount of educational credits eligible to claim.
Ways to file Form 1098-T
The schools can file Form 1098-T either on paper or electronically through a tax preparation service. You can file Form 1098-T below. This is only for the schools that are going to furnish a paper copy of Form 1098-T to their students. For e-filing options, check a tax preparation service that allows you to e-file tax forms such as Free File Fillable Forms.
Form 1098-T for Students
As a student who received Form 1098-T, use it to calculate the educational credits on your tax return. Since you will use this information return to calculate the amounts, it must be attached to your federal income tax return. If you don’t attach it, the IRS won’t approve the credit. Since some of the educational credits are refundable, make sure to attach Form 1098-T to your tax return properly.
Calculate Educational Credits – Form 1098-T
Calculate the educational credits by deciding which educational credit you want to take using Form 1908-T. Then, attach the form to your federal income tax return by stapling it on the right or left corner of it.
When will I get my 1098-T?
You should get your 1098-T by the time January 31st rolls in from your school. If you haven’t received it by this date, contact your school administration and ask about your 1098-T. Since this is an information return, the school is required to furnish you by January 31.
Given you won’t be able to claim educational credits without the 1098-T, make sure to go after it if the school hasn’t furnished you with a copy yet. There are two copies of Form 1098-T: one for the Internal Revenue Service and the other for you identified as Copy B.
