| Author | Post |
|---|
limner
Member
| Joined: | Sun Jul 16th, 2006 |
| Location: | Tennessee USA |
| Posts: | 831 |
| Mana: |    |
|
Posted: Sat Mar 1st, 2008 08:51 pm |
|
Hi All,
My husband spent the day doing our taxes (eeewwwww), but he's flummoxed by a form that our son's school sent us. We're supposed to (we think) plug in a number from this form, 1098-T, into our Form 8863 (for lifetime learning credits).
However, the 1098-T gives us two numbers: One under Part 1 and one under Part 2, neither of which seem to correspond to the amount we've paid or the amount the school would actually cost if we weren't getting aid, etc. Also, Part 1 has two numbers then with a total of the two put together, again, not at all familiar.
Anyone done this before and have any suggestions as which of these numbers we need to use? Thanks!
|
jocelynDAD
Member
|
Posted: Sun Mar 2nd, 2008 02:45 am |
|
1098-T
row 2 is the amount of qualified tuition and related expenses incurred during the calendar year in question.
row 5 is the amount of grants/scholarships that were received during the same calendar year.
if row 2 is higher than row 5 it means that your child received less than the tuition (and related expenses) in the past year and therefore you may claim the Hope or Lifetime credit on the 8863.
if row 5 is higher than row 2 (which should be highly unlikely) well than your child received more grants/scholarships than needed and you should get the form 8863 instructions and review.
BTW related expenses are educational not room and board, transport, or other non-directly educational expense, that is why the numbers on row 2 might not match any number in your calculations.
Last edited on Sun Mar 2nd, 2008 02:47 am by jocelynDAD
|
limner
Member
| Joined: | Sun Jul 16th, 2006 |
| Location: | Tennessee USA |
| Posts: | 831 |
| Mana: | |
|
Posted: Sun Mar 2nd, 2008 01:51 pm |
|
Thanks, jDad. LimnerHusband also found additional info and is headed back into his office to work on taxes some more.
Me, I'm off to clean bathrooms, so you can see how the Limner family weekend is going!
|
WestrnMom
Super Moderator
| Joined: | Fri May 26th, 2006 |
| Location: | West Coast, USA |
| Posts: | 1265 |
| Mana: | |
|
Posted: Sun Mar 2nd, 2008 08:49 pm |
|
If you do your own taxes and use a tax program like Turbo Tax it will plug it in for you.
|
limner
Member
| Joined: | Sun Jul 16th, 2006 |
| Location: | Tennessee USA |
| Posts: | 831 |
| Mana: | |
|
Posted: Mon Mar 3rd, 2008 11:13 am |
|
Thanks, WstrnMom. My H is a glutton for punishment and does our taxes but without a tax program.
He did figure it out, though. He had to look at the bill from the college to break down just what was "tuition and fees" and what was "room and board." Then the numbers on the 1098-T made sense.
|
Current time is 03:32 am | |
|
