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1099-T - used in parent's or on student's tax form?

roderickroderick Posts: 1,431Registered User Senior Member
Does the 1099-T that the college gives supposed to be used on the parent's tax form or on the student's tax form?
Post edited by roderick on

Replies to: 1099-T - used in parent's or on student's tax form?

  • bessiebessie Posts: 1,818Registered User Senior Member
    It can be claimed on either the parents or the child's tax form, but if it is on the parents taxes, it must also be listed/referenced on the tax form of the recipient/student. My son has it listed on his tax form but we are claiming the 1099-T income on our taxes and are paying any taxes.
  • gcnorthgcnorth Posts: 140Registered User Junior Member
    where on the student's 1040 should it be listed or referenced?
  • 3bm1033bm103 Posts: 3,605Registered User Senior Member
    My son has it listed on his tax form but we are claiming the 1099-T income on our taxes and are paying any taxes.

    If the 1098-T is being used for tuiotion credits or deductions, it must be on the return which uses the student for an exenption. So if the parents claim the student, that's where it goes. If the scholarships exceed the qualified tuition and part becomes taxable, the income must be claimed on the return of the student. The parents cannot put the income on their return, nor would they want to. The student's rate would most likely be much lower.
    where on the student's 1040 should it be listed or referenced?
    If the qualified tuition is more than the scholarships, it would be used for the Hope or Lifetime Learning Credit. If the scholarships are taxable, it goes on line 7.
  • roderickroderick Posts: 1,431Registered User Senior Member
    If the scholarships are taxable, it goes on line

    how can we tell if the scholarships are taxable?

    wait - I see a possible answer from a prev poster...
    If the scholarships exceed the qualified tuition and part becomes taxable, the income must be claimed on the return of the student.

    if the scholarship exceeds the tuition, we can assume that part is taxable. if it does not exceed tuition, we can assume it is completely used up in tuition and therefore is not taxable.
  • 3bm1033bm103 Posts: 3,605Registered User Senior Member
    Correct........
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