1098-T Question?

Paying for College
1

<p>The question is posed as so: How much did the student pay tuition? Include no scholarships and grants, and include money paid in loans and out of pocket.</p>

<p>My 1098-T states the following</p>

<p>AMOUNTS BILLED
Tuition - 5735
Fees - 80</p>

<p>PAYMENTS
Payments - 2268.61
Loans - 2987.00</p>

<p>SCHOLARSHIPS OR GRANTS
Grants - 250.00
Grants - 5153.00</p>

<p>So my question is, what do we put as the answer to the above question? The total of Payments section or what?</p>

2

<p>The total tuition and qualified fees are $5,815. The total scholarships and grants are $5,383. That leaves $430 of tuition to be used for a tuition credit.</p>

3

<p>Ok, so even with the loans amount that I paid it still remains 430?</p>

<p>Thanks!</p>

4

<p>Put the grants to room and board and count what you paid out of pocket for tuition.
payments plus loans = 5255.61.</p>

<p>unless… the grants say they are specifically to be used to tuition.</p>

5

<p>I think the problem with putting grants and loans towards room and board is that then they become taxable and not eligible for an education credit.</p>

6

<p>Yes grantsand scholarsips became taxable income if used to pay for room and board. But the tuition and fees and books paid for with loan (or other non scholarship/grant money) are then eligible for the education credit.</p>