tuition not paid that appears in box 2 of my 1098-T statement? It seems like I could because I took a loan out and paid the school with it.
2007-02-17 07:37:32 · 3 answers · asked by Chad 3 in Business & Finance ➔ Taxes ➔ United States
If you paid the school with the money from the loan, you paid. You can claim the credit, assuming that you meet all the other eligibiliy rules.
2007-02-17 07:50:10 · answer #1 · answered by CarVolunteer 6 · 1⤊ 0⤋
Really you're just supposed to use what's in block 1of the 1098t. Thing is, that form is just a limited representation of what is known by that one company about what educational expenses you incurred during '06. You know better than anyone what you spent on your education (not loans hanging over your head, but actual things you paid for) and are in a better position to answer that question. Get a sense of what you spent on school for the year, put that on line 50 (use the Hope Credit) and watch the numbers change. Unless you're a high roller, then you're just screwed.
2007-02-17 16:21:16 · answer #2 · answered by akhilleus 2 · 0⤊ 0⤋
Yes. Tuition paid with a loan is considered paid, since you'll have to pay the loan back.
2007-02-17 22:33:40 · answer #3 · answered by Judy 7 · 0⤊ 0⤋