Do I HAVE to file my 1098-T form on my tax return?

Question

Fasfa considers me a dependent upon my dad because I am under 24 yrs old. I received my 1098-T form from my college and as I went on to file my taxes on Turbo tax my refund went from $1,143 to $441.
I recieved $3,023 in grants for the year. My classes 1st semester cost me $720 books $260. My 2nd semester cost me $660 books $389. The remainder I am saving for summer school. My dad has already filed his taxes before I could tell him about the 1098-T form. I have lived alone for almost 4 years now. I work full time making only $10/hr and I go to school full time also. I NEVER see a DIME of my parents money. They help me with absolutely NOTHING!

1.What would happen if I don't use the 1098-T form on my taxes?
2.Am I even allowed to file that form since fasfa considers me a dependent?

I understand that my tuition was less than what I actually recieved but that doesn't mean I don't need my hard earned money that I WORKED MY *** OFF FOR A YEAR TO GET.

I am honestly thinking of changing my w4 form to at least 1 dependent. I make $800 bi weekly before taxes and I only take home $648. If I am not going to get my money when tax season comes I might as well get my money when I get paid bi weekly.

Judy · Accepted Answer

I don't know what you're doing wrong, but you're doing somethins wrong.  Even if the entire amount of gran money was taxable,  which it isn't, the tax wouldn't be $700.

Plain old Jim · Answer

Something is not right with how you are entering the data.  The 1098-T should have increased your income by about $1000 which would add $100-$150 to your tax.  But, you should have gotten an education credit that more than offset that tax.  Your refund should go up, not down.

Based on what you state in the question your dad cannot legally claim you.  You should be getting the education credit.

I suggest you go to http://irs.treasury.gov/freetaxprep/ , put in your zip code, and find a site at or near your college.  Most colleges have VITA sites and they are very adept at handling 1098-Ts.

misssilkysilkk · Answer

I would report it. I get loans for school and they actually help me get a better return amount. You should file your taxes professionally

tro · Answer

as a non dependent you should be able to claim it, get form 8863 and see what needs to be entered on that form

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Do I HAVE to file my 1098-T form on my tax return?

4 Answers