What is Form 1098-T?
The form 1098-T is essential for students or their parents because it helps report education expenses. Colleges and universities send it to show how much you paid in tuition and related fees during the tax year. This information is crucial for claiming education credits like the American Opportunity Credit and Lifetime Learning Credit on your tax returns, which can lower the amount of tax you owe or increase your refund. If you're a student or supporting one, filling out this form is a step you shouldn't skip.
What is Form 1098-T used for?
The Form 1098-T is essential for students and educational institutions. Here's what it's used for:
- To report tuition payments made by or on behalf of a student.
- To claim education-related tax credits.
- To provide students with information needed to file their taxes.
How to fill out Form 1098-T?
- 1
Start by entering the student's name and Social Security Number (SSN) or Taxpayer Identification Number (TIN) in the designated fields.
- 2
Fill in the address section with the student's permanent address.
- 3
Under the educational institution information, input the school's name, address, and federal identification number.
- 4
In the boxes provided, report amounts for payments received for qualified tuition and related expenses, as well as scholarships or grants.
- 5
If applicable, include information on adjustments made for a prior year for both payments received and scholarships or grants.
- 6
For institutions, report any changes in reporting method and insurance contract reimbursements or refunds.
- 7
Review the form to ensure all required information is complete and accurate.
Who is required to fill out Form 1098-T?
Educational institutions are responsible for filling out Form 1098-T for students who pay for qualifying tuition and related expenses.
Students and their families use Form 1098-T to claim education credits on their tax returns, such as the American Opportunity Credit and Lifetime Learning Credit.
When is Form 1098-T not required?
Not everyone needs to worry about Form 1098-T.
For instance, if you're not currently enrolled in an eligible educational institution, this form isn't something you need to consider. Additionally, those who haven't incurred education-related expenses paid directly to the institution might also find that Form 1098-T is not required for their situation.
When is Form 1098-T due?
The deadline for the Form 1098-T is January 31. This is the date by which schools must send the form to the student.
It's important for students to receive this form on time as it contains essential information for claiming education credits on their tax returns.
How to get a blank Form 1098-T?
To get a blank form 1098-T, simply visit our platform where we have the template ready in our editor for you to fill out. Our website helps you fill and download the form, although it doesn't help with filing it.
Do you need to sign Form 1098-T?
Form 1098-T, used for tuition statements, typically doesn't need a signature. Always check for the latest guidelines.
Updates may alter requirements, so verifying with official sources is wise.
Where to file Form 1098-T?
The 1098-T form can be submitted through mail to the IRS. Ensure all sections are completed accurately.
Some institutions also offer an online submission option for the 1098-T. Check with the issuer for specifics on digital submission methods.
