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Old 02-01-2017, 02:47 PM
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1098-t help!

I am not receiving a 1098-t because my scholarships exceed my tuition. Do I have to report this on my taxes? If so how do I do it? My tuition charges for 2016 were: $2,600 Book charges were $1,200 and scholarships received was $6,098. I also received student loans. Thanks for your help!



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Old 02-01-2017, 10:24 PM
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I am not receiving a 1098-t because my scholarships exceed my tuition. Do I have to report this on my taxes?==>it depends; Your scholarship may or may not be taxable. Generally speaking, a scholarship or fellowship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment, however there are some scholarship and fellowship opportunities that are not tax exempt.

If so how do I do it? My tuition charges for 2016 were: $2,600 Book charges were $1,200 and scholarships received was $6,098. >It?s important to find out if your award is taxable and, if so, figure out how to correctly report it when filing your annual tax return. Your scholarship is taxed if it was used to cover
? Room and board; Travel; Research; Clerical help; Fees, Books, Supplies and Equipment (Not required for the course or attendance)
Now let?s say you are a grad student with a fellowship that requires you to be a teaching assistant. In this case, the tax rules are different. That's because scholarship or fellowship money that represents compensation is taxable regardless of how the money is used. So even if a certain amount of money teaching assistant fellowship went primarily to pay for tuition and books, that amount would be considered taxable income. The student would receive a W-2 from the school and would have to file a tax return.


I also received student loans>You can't claim the loan itself, but the interest on a loan used to pay for tuition, fees, room and board, books and supplies for yourself. and it can reduce your taxable income by up to $2,500 even if you don't itemize. you can claim your student loan interest expenses on your 1040; to claim it you need a 1098E as Student loan interest is normally reported on Form 1098-E, which will typically be mailed out to you by early February if you paid at least $600 in interest for the year



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