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2007-03-30 12:16:07 · 2 answers · asked by CHRISTINA Y 1 in Business & Finance Taxes Other - Taxes

2 answers

Hello, Christina! Form 1098-T is an "information return" issued by schools to report how tuition information for a specific taxpayer in a given year (how much tuition was paid, was the taxpayer a full-time student, etc). Tuition that you paid could qualify you for education-related deductions or even credits (using Form 8863).

Form 1099 is another information return, and it comes in many different flavors. You might receive a 1099-INT from a bank or mutual fund for interest earned by your accounts; you would receive a 1099-R for pension payouts; you would receive a 1099-B reporting gross proceeds from any stock sales; etc. Where you record the information on the 1099 depending on what the 1099 is for. The second link below gives further details. Good luck! :-)

2007-03-30 12:26:14 · answer #1 · answered by Anonymous · 2 0

The form 1098-T is the one that schools send out showing how much a student paid in tuition and fees that would be used on the Education Credit line of the federal tax return. 1099 covers many things but is usually a 1099-int for bank interest or 1099-div for dividends earned on stocks and etc. 1099-misc is for rents, non-employee compensation, other compensation, prize money, yada.

2007-03-30 19:23:26 · answer #2 · answered by acmeraven 7 · 2 0

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