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If I received GI Bill benefits, can I file tax form 1098-T with my tax return?
I heard from a co-worker that she's eligible to receive up to a $2,500 credit on her taxes if she files form 1098-T so she's going to wait to file her taxes until late February when her school provides the form.
Since both my husband and I receive GI Bill funds, I am not sure if we are eligible to file that form and receive any money associated with it.
Thanks a bunch in advance!
5 Answers
- chatsplasLv 71 decade agoFavorite Answer
ONLY for tuition YOU personally paid, not scholarship or GI bill money
Both show up on the 1098-T
You don't file the 1098T, but include the info on your tax return
Source(s): no benefit to waiting for 1098T - 1 decade ago
You have to subtract the GI Bill's tuition portion from your tuition that is shown on the 1098-T and anything left will count. With the American Opportunity Credit you can also include the cost of books and 'related coarse material". IRS has not said a word about what is coarse material and if your college requires a computer I'd include it. This credit is 40% refundable which makes it more usable on low income tax returns.
Source(s): I am an Enrolled Agent (EA) with 20 years experience. - troLv 71 decade ago
she's talking about the new Opportunity credit which unlike the other education credits sometimes can result in refunds as well as the credit
with the GI bill I doubt your schools will issue you 1098 t's but they should be out by Feb..16
- Anonymous5 years ago
1. You must file the return. Don't avoid this. 2. Check your filing status. You may be dependent. If any one can claim you dependent, then you don't get your personal exemption. 3. Normally this should be self employment income, which is subject to SE taxes at 15.3%. (But may be ninasgramma has correct info about medical study participation income. In that case, even if you don't have to pay SE taxes and you don't have any federal tax or state tax due, you must file the return to disclose your position.) 4. You will pay federal tax if your income is more than $5,350 (for single dependent) or $8,750 (single nondependent). 5. Then there may be State tax depending upon your state.
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- Bostonian In MOLv 71 decade ago
You have to reduce the portion of your tuition paid by the amount of your GI Bill benefits that are for tuition. If anything remains, you can use that amount to claim any education benefits.
GI Bill payments consist of a tuition portion and a subsistence portion. Only the tuition portion is used to reduce the tuition that you can use for the education benefits.
If the amount you received for tuition under the GI Bill is MORE than your tuition, you cannot claim the tuition benefits, however the excess is NOT taxable income to you.
