I am a college student with a job...I have my w2 but I also got a 1098-T from my school. It's my first time filing taxes so I don't know where to put in the info from the 1098-T on the 1040 form...anyone can tell me where to do this? I don't see anywhere on there where to do put the info...I'm asking this because I'm filing online, not using a professional.
2007-02-15 00:49:46 · 4 answers · asked by Saved and Sanctified 2 in Business & Finance ➔ Taxes ➔ United States
There are 3 ways to claim a deduction for education expense. Your best bet is probably the Hope Credit, since this is the first time filing. You'll have to file another form, I think its 8863, which will instruct you to do some calculations then the result will go to the 1040 line 50.
2007-02-15 01:19:06 · answer #1 · answered by Lori 2 · 0⤊ 2⤋
Do your return without the 1098T information. If
1) You owe taxes without using the 1098T and
2) You paid education expenses out of pocket or through a loan
Then you may be able to reduce your taxes using an education credit. Use form 8863, the information on the 1098T, and your expenses to get the Hope or Lifetime Learning Credit.
I omit reference to the Tuition and Fees deduction since from your question it is unlikely to be a better choice for you.
2007-02-15 01:18:42 · answer #2 · answered by ninasgramma 7 · 0⤊ 0⤋
I used a few tax filers but the best one was this free online tax filing tool try http://doiop.com/taxfiler .
2007-02-16 05:03:48 · answer #3 · answered by Derek N 1 · 0⤊ 0⤋
It should be under the credit section, "Education Tax Break" maybe or "tuition expenses" or somenthing like that
2007-02-15 01:56:23 · answer #4 · answered by Nita 2 · 0⤊ 1⤋