Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-01-2017, 02:47 PM
Junior Member
 
Join Date: Feb 2017
Posts: 1
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!



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 02-01-2017, 10:24 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
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



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
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
1098-T and Graduation bbruyneel For 2014 0 02-26-2015 01:43 AM
1098-T help swillits For 2014 1 02-10-2015 01:08 PM
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

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
 
 
 

» Recent Tax Q&A
No Threads to Display.