Tuition & Taxes: 1098-T
If you, or one of your dependents, attended college this year, you will probably receive a 1098-T form in the mail by the end of January. The school is required to send this form to each of their paying students every year, and it reports the specific amount of qualified educational expenses paid by the student during that year. These “qualified expenses” are usually classified as tuition and fees, but books and supplies, equipment, and room and board are occasionally included, which makes calculating this total without a 1098-T form a bit tricky.
You’ll need the important information on your 1098-T form to qualify for many of the tax credits the IRS offers, including the American Opportunity Credit, the Lifetime Learning credit, and tax deductions on tuition and other fees. All those credits add up fast, with potential to save you a lot of money, so don’t forget to include this one in your 2013 tax return.
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