you don’t file it (it has literally been filed, and you received a copy). But without it you won’t be able to claim several potential credits and possibly won’t correctly record your income. So yes, you need to provide it to your accountant to create a full and accurate return (which is your obligation).
lordfartquar on
Log into your school portal and click tax forms, it should take you about 90 seconds to download the form you need.
llamaslippers on
You can usually download it from the student portal. I’ve requested it and had clients send it to me within 5 minutes, so I don’t think it’s generally too hard to get if you have that access.
Unique-Apartment-748 on
Could mean more money back for you, go through the hassle
– A CPA
Ibhuk on
If you received more scholarship than your tuition and book expenses, you need to report the taxable amount. If you paid more in school expenses than you received in scholarship, then the form is required to claim tax credits that can get you up to $2500 back ($1000 refundable, $1500 nonrefundable)
jerzeyguy101 on
in order to take the education tax credit – the accountant needs the 1098-T.
julianriv on
If you received more in scholarship than your tuition cost or if you want to take any education credits, then yes you need the 1098T.
7 Comments
you don’t file it (it has literally been filed, and you received a copy). But without it you won’t be able to claim several potential credits and possibly won’t correctly record your income. So yes, you need to provide it to your accountant to create a full and accurate return (which is your obligation).
Log into your school portal and click tax forms, it should take you about 90 seconds to download the form you need.
You can usually download it from the student portal. I’ve requested it and had clients send it to me within 5 minutes, so I don’t think it’s generally too hard to get if you have that access.
Could mean more money back for you, go through the hassle
– A CPA
If you received more scholarship than your tuition and book expenses, you need to report the taxable amount. If you paid more in school expenses than you received in scholarship, then the form is required to claim tax credits that can get you up to $2500 back ($1000 refundable, $1500 nonrefundable)
in order to take the education tax credit – the accountant needs the 1098-T.
If you received more in scholarship than your tuition cost or if you want to take any education credits, then yes you need the 1098T.