Contact UsI have a 1098t from my college. I am trying to file my taxes online. Basically it does not say anything in box 1 but in box 2 it has $2811.92. box 5 has $1454.00. the 1098t includes my fall 2016 and spring 2017 tuition. I paid for fall term a total 642.52 in cash and not grant.
I however paid the spring term with my grants. How much do I report on the American opportunity credit?
Do I include the amount of grant that was paid in spring 2017? Also I brought text books total $400. Do I include this as well?
Do I include the amount of grant that was paid in spring 2017? Also I brought text books total $400. Do I include this as well?
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Tax Professional Answers
Chad Hatalla
First, I will assume you have read the requirements to qualify for this credit and your have determined you meet all the requirements. To determine the total amount of qualified educational expenses, start with the tuition amounts that were paid during 2016 for courses in 2016 or for courses that started within the first 3 months of 2017. Subtract any payments funded by tax free grants/scholarships. You can include the $400 for books as they are a qualified expense for the American Opportunity Credit. Based on what you have written above, it would appear that the amount which qualifies for credit is $1,043 ($643+$400).
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370 weeks ago
Question Owner
Thank you for the reply. I just called my college and they are saying its best if I dont report the 1098-t. Is that a wise choice?
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370 weeks ago