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How do you report a Form 1098-T. My daughter receives a FAFSA grant and has $14,365 in grants and $7534 in qualified expenses. She also has a part time job. She lives at home and so I take her as an excemption. I also receive Earned Income Credit which wipes out any tax liability I have. Do I report the difference between the grant and the expenses ($6,831) on my tax forms, since I take the excemption and can take any credits for education credits, or does she have to file the 1098-T on her return?????and not get any credit because I take her as an excemption???? Hope this makes sense to someone.
I've been searching the IRS site for some kind of explanation and can't find out anything. Hope someone can help me.