Welcome Guest. Register Now!  


For 2014 Tax Tips For Year 2014.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-09-2015, 06:27 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
1098-T help

Hi,
I have a question about the what to do for my son's taxes.
He graduated college last year and we received the 1098T from school. This year it was a little different in that there is nothing in box 1 or 2 but a hefty amount in box 5.
The previous 3 years the 1098T had Box 7 checked saying the reported tuition covered the next year. I didn't really consider this in the previous years as I just plugged these in to Turbotax and out spat the result.
The problem this year is without tuition and expenses to offset the scholarships, it is causing a large tax due amount.

My question is what to do?!
Can the tuition that was actually paid (1098T shows billed) during 2014 be reported to offset the scholarships?
If so, How would this be done (what form etc.)?



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-10-2015, 01:08 PM
Junior Member
 
Join Date: Feb 2015
Posts: 1
Same Question

I have this same exact situation now that I've graduated. I never questioned the information on my 1098t and just put the numbers in my tax system. Please advise on how WE should proceed.

I contacted my school and was told I would have received a larger credit in 2013 since a higher tuition was claimed. This year (2014) I have to pay for the larger credit I received last year, so it basically evens out.

If I decide to go with this "wash", what address and Filer's Federal ID info should I use? Should I just use the school's information?

I was also able to find this info: "Just because you report the Pell grant as taxable income, doesn’t necessarily mean you will pay tax on it. This depends on other factors such as the amount of other income you report, your filing status, and the deductions and credits you’re eligible for".



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1099-q/1098-t waynekim Income 1 03-17-2014 04:37 AM
1098-t Breacher74 Miscellaneous 1 02-04-2014 01:01 AM
1098-t Mommasita_50 Income 1 02-16-2013 08:54 PM
Form 1098-T earl6521 Miscellaneous 1 02-03-2013 02:35 AM
Scholarship, RA and 1098-T Millermom Income 0 04-04-2011 03:51 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning