<p>I have a question about the 1098-T form. All the amounts are listed in box 5 under scholarships and grants about $5000 and it says $0 in box 2 because i did not spend any money out of pocket. Does this mean i’m not eligible for the hope or lifetime learning tax cred it? Thanks.</p>
<p>Did you buy any books or required class materials? Did you take out any loans that you used to help pay for tuition and fees? Print out a copy of your Bursar’s Statement, and match all the payments up with all of the bills. If your scholarship was used to cover housing and meals, you may need to pay income tax on it.</p>
<p>You might not qualify for the American Opportunity Credit (formerly known as Hope) or the Lifetime Learning Credit. But that also means you get to do the happy dance because your education is so very, very cheap! Congratulations!</p>
<p>The AOC can be claimed in up to four tax years in which you are classified as an undergraduate student. If you can’t claim it this year, you may be able to claim it later on.</p>