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Confused- 1098-T question?
I filed our return as soon as I had all of the documentation we needed, but now something I was not expecting has arrived and I must admit I have non idea if or how this is going to effect our taxes or how to proceed. I am awaiting a call from someone in our church who is a tax preparer, but wanted to pose this question here in the meantime. (And, for the record, I used H&R Block At Home to prepare our return).
This 1098-T is from the local community college. My classes began on January 9 and this is my first semester (in 2012, which is why I was not anticipating anything education related until next year when I prepare a 2012 return). Every box on this form is empty except Box 2 (amounts billed for qualified tuition and related expenses) which is 1800 (the amount of tuition, it does not include the amount of the books). Box 7 is checked to indicate that the amount in box 2 is for academic period beginning January-March 2012.
NOW, my tuition and books were covered by a Pell Grant which is not mentioned on this form anywhere.
I am just totally confused at this point and if you understand this situation and can offer advice I would appreciate it.
Question also posed in Education & Reference/Financial Aid category.
1 Answer
- 9 years agoFavorite Answer
File it for future reference. Since your tuition was paid with a Pell grant, you don't need to do anything unless the grant was for more than your tuition and fees.
If you paid for books and equipment in 2011 for the first 2012 semester, you can probalby use that to claim the American Opportunity Credit. The credit can reduce your tax by up to $2,500 and 40% of that ($1,000) is refundable if it otherwise reduces your tax to $0. If you paid those costs in 2012, you'll claim the credit on your 2012 return instead, if the AOC is still around then.