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1098-T, 529, education credits on tax forms

orangepurpleorangepurple Registered User Posts: 94 Junior Member
I understand that the tuition we paid for using money withdrawn from a 529 isn't qualified for a hope credit or a lifetime learning credit, because that's money that was earning tax-free. Also I can see from starting in on TurboTax that it doesn't make any difference--our income last year was too low for us to owe tax, so we wouldn't get a credit anyway. So my question is, do I still fill in the info about the 1098-T? even if we won't claim a credit?

Replies to: 1098-T, 529, education credits on tax forms

  • swimcatsmomswimcatsmom Registered User Posts: 15,651 Senior Member
    The student needs to enter the information from the 1098T on their tax return if they are required to do one. If he/she received scholarships/grants in excess of tuition and fees then those would be taxable and would have to be reported (by the student, not by parents).

    The good news is that next year part (up to $1000) of the new education tax credit (replaces/expands the hope credit) will be refundable which means that you may get a 'refund' even if you have no tax liability.
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