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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.

Update:

Question also posed in Business & Finance/Taxes/United States category.

Update 2:

Question also posed in Business & Finance/Taxes/United States category.

2 Answers

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  • ?
    Lv 6
    9 years ago
    Favorite Answer

    The 1098-T is used to document expenses for college via fronting the costs (out of pocket) or student loans. If you file it, you can expect a larger refund, but this refund is limited to what your employer has took out (w-2, box 2) and you might have already gotten that back when you already filed

    Beyond that, the school made a mistake sending you this form. If your expenses were covered by pell grants, there is no "eligible educational expenses" that you made, as the goverment has already covered these

    Source(s): 12 years tax preparation expirence
  • PETA
    Lv 7
    9 years ago

    I believe they sent you this form in error. It is supposed to be for the totals from the previous year.

    The 1098-T is used to help you claim educational credits for bigger refund. Here is a good site about it: http://www.nl.edu/studentfinance/faqs/1098-t.cfm#C...

    I would just call your FA office.

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