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Facts about the 1098-T PDF template

Tax time is always a stressful season. Some people will send their tax bills directly to their accountant, while others painstakingly collect and fill out all the relevant information. Unless you’re an accountant, there’s a good chance you don’t understand every scrap of information on the forms. A form 1098-T is important because it helps you determine your education credits, along with any tax deductions for fees and tuition.

What Is a 1098-T Form PDF Used For?

The form 1098-T notes how much you’ve spent on tuition and other education-related experiences. You may be eligible for education credits that exempt you from income taxes. For students, this is one of the most important tax forms you can fill out. Even if you don’t owe any taxes, successful credits could yield tax returns of up to $1,000 dollars.

On each tax return, eligible students can receive up to $2,000 through the Lifetime Learning Credit. This money covers basic education expenses. The American Opportunity Credit is also available for students who qualify. There are some differences between these two credits. The Lifetime Learning Credit is not refundable, while the American Opportunity Credit is. This means that if you don’t owe any tax, you won’t receive money back from the Lifetime Learning Credit, but you could receive forty percent of your American Opportunity Credit.

By using your eligible deductions for tuition and fees, you might reduce your tax burden significantly. Up to $4,000 of your annual income would be exempt from taxes. Another advantage is that the deductions don’t need to be Schedule A itemized, since the deduction qualifies as an income adjustment.

Who Would Use a 1098-T Form PDF?

1098-t-form

Any student who pays for any tuition or education expenses can benefit from the form 1098-T. Even students who don’t pay tuition, such as those studying on presidential scholarships, can note their education expenses. Textbooks and laptops are extraordinarily expensive, as are the general costs of living and housing.

If you aren’t sure how education credits work, it doesn’t hurt to have an accountant take a look at your finances. Accountants versed in tax law will understand how to calculate your deductions and get you the biggest refund possible.

When Should You Use a 1098-T Form PDF?

Every year that you incur any education-related expenses, you should fill out a form 1098-T. Make sure that you keep track of laptop costs, textbook purchases, and tuition statements over the course of the year. All of these can increase your eligibility for education credits. Credits are better than standard deductions because they increase your untaxed income, rather than decreasing your tax total itself.

What Are the Consequences for Not Using a 1098-T Form PDF?

Students who don’t use a form 1098-T during tax time will miss out on incredible financial opportunities. You’ll have to pay taxes on up to $4,000 more of your income than you would have otherwise. You also won’t be eligible to receive a refund through the American Opportunity Credit.

Don’t let tax forms intimidate you. The financial benefits to filling this one out far outweigh the difficulty in completing it.

How to Fill Out a 1098-T Form

  • Fill out your name, address, and telephone number in the upper left corner.
  • Note your federal identification number and taxpayer identification number in the appropriate boxes.
  • Write the student’s name, address, and the service provider or account number found in the instructions.
  • In Box 1, note any payments the filer received for education-related expenses and tuition.
  • In Box 2, note any payments the filer made for education-related expenses and tuition.
  • Check Box 3 if your reporting method has changed at all in the previous year.
  • Note any previous years’ adjustments in Box 4.
  • Note the dollar amount of scholarships and grants received in Box 5.
  • Use Box 6 to note any scholarship adjustments for previous years.
  • Check Box 7 if you’ve included payments for the following fiscal year in Box 1 or Box 2.
  • Check Box 8 if the student studies at least half-time and Box 9 if they’re a graduate student.
  • Note your calculated reimbursement or refund in Box 10.
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Quick Questions

Oftentimes, a student’s parents will make their tuition payments while the student studies. When this is the case, you should put the parent’s information in the “Filer” boxes, and the student’s information in the “Student” boxes.

Use the information found on this page to determine your credit eligibility.

The student’s school will have the main burden of affirming expenses to the IRS. They’ll calculate this in two possible ways. The first is by determining how much money the student paid over the year. The second is by determining how much money the student was billed for over the year. When the school reports the amount the student paid, this is noted in Box 1. If they note the amount the student was billed, this is noted in Box 2.

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