Hello, this is going to be the first year I have a 1098-T form and I am a little confused on what I should be doing with it. As a little background information I am usually claimed as a dependent by my parents on their taxes which as far as I understand it would make it impossible for me to use the 1098-T. However, I am the only person who pays my tuition and was hoping to get the AOTC (American Opportunity Tax Credit) because I paid a substantial amount of money out of pocket for my tuition as well as taking out loans. I don't want my parents to lose out on the money they would get from claiming me as a dependent but it would help me a lot to get that credit. From the research I've done (looking it up on Google) it seems to make more sense for my parents to claim me as they have been doing but wanted to check if I am missing anything that would allow me to get any credit for paying tuition without fucking up my parents taxes. If you guys have any knowledge or advice I would really appreciate it. Thank you!
Posted by EnoughBaby345
1 Comment
How much earned income do you have? Any scholarships? The AOTC generally will not get you much back, if at all, if you don’t make above the standard deduction for your filing status, and even then it just covers your tax withheld (likely no net benefit for many students).
How much do your parents make? If they’re within income limits and they claim you as a dependent, they could claim the AOTC on their taxes and likely get a larger benefit than you would.
The IRS has a little questionnaire walk-through thing to determine if you can or cannot be claimed as a dependent, based on circumstances like financial support and temporary residence. [Whom may I claim as a dependent? | Internal Revenue Service](https://share.google/0tenmn9Ql5BQJWzy0)