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Video instructions and help with filling out and completing 1098-t refund calculator

Instructions and Help about 1098-t refund calculator

Halos builders and welcome back to the vamoosed today I'm going to be covering three tax breaks the American Opportunity Tax Credit the Lifetime Learning credit and the student loan interest deduction if you're a college student or a recent college graduate even a college dropout or you're the parent of one you're gonna want to know about these tax breaks so make sure you keep on watching we've had a ton of new people join the squad over the past couple of weeks so if you're new around here hello I'm makeva and I'm a 21 year old financial planner I run this channel along with my boyfriend Andy shag and together we talk about all things personal finance for young adults just like us we are so glad you're here joining us on this journey so I've seen a lot of misconceptions floating around out there on the interwebs about the tax credits and deductions that are available to college students like this one for example so it's time to clear the air and learn the facts there's a lot to know but I'm gonna try to keep this at a high level first up the American Opportunity Tax Credit which I will hereafter referred to as the a OTC because is but so many times you want to hear me say American Opportunity Tax Credit before leaving the video so here's the overview the alt C is a tax benefit related to money that has been paid for college expenses and the state from the name this is a tax credit which means that it directly reduces the tax that you own dollar for dollar on top of that forty percent of the credit may be refundable so for example this means that if your tax owed before the credit was a thousand dollars and you're a OTC amount is two thousand dollars you could be refunded up to eight hundred dollars which is 40 percent of 2022 so how much is the credit the maximum credit allowed is two thousand five hundred dollars per student this represents the sum of a hundred percent of the first two thousand dollars of qualified education expenses plus 25 percent of the next two thousand dollars of qualified education expenses so you would have needed to pay or taken on the Stu loans at least $4,000 to claim the full amount of the credit so what are qualified education expenses for this credit it means tuition and fees and books it does not include room and board health insurance or anything like that you must also have been enrolled in school at least half time in a degree seeking program to claim the credit to be able to claim the t see the law also requires that your school give you what's called a 1098-t which your school will give you by January 31st assuming they're following the rules so who can claim the credit generally it's whoever's claiming.


I forgot to add my 1098-T from school on this year's refund. What will happen?
What will happen if you forgot to include your 1098-T information on your return?  The answer is nothing. That's right, the 1098-T is for informational purposes only.  It's not similar to a 1099 that must be reported. In fact, quite often, the information on the form does not correctly match how you should report tuition paid nor grants and scholarships received. The reason for this is that the schools go by an academic year and not necessarily a calendar year as would be presented on a tax return. The 1098-T does indicate your status as "at least part-time" or greater status.  So it confirms your enrollment. Beyond that, you should always verify the amounts of tuition paid, whether by student loan, grant, scholarship or otherwise and in which calendar year.  You can only deduct what you paid within that year. Conversley, you only have to subtract tax free grants and scholarships against those expenses paid in that calendar year. In this regard, you can allocate tax free assistance to the year in which it applies. This is besides other expenses and fees for books and supplies that you can always deduct. If you received more in tax free grants and scholarships than tuition paid as in the case of receiving scholarships for room and board which are not deductible, you could have taxable income. I mention this because some people are surprised when this happens.  However, as frequently is the case, If you have net deductible expenses for tuition, books and fees paid for the current tax year, you have a tax deduction.  And if you did not include those expenses when you originally filed your return, you can amend on form 1040X within three years of the due date. With an amendment, you would be applying for one of three educational deductions and credits contained within the American Opportunity Credit.  The best one, and the one that's partially refundable, is the Hope Scholarship Credit. Partially refundable means that even if you do not have a tax liability for the year (your deductions exceed your income) you can still get money back - up to $1000.  The credit against taxable income however is up to $2500. The requirement for this credit is that you are within your first four years of post-secondary education and have not already claimed four years of credits.  The second is the lifetime learning credit for  other categories of education including a masters degree program. The third is the tuition and fees deduction. This is a deduction from you gross income used to calculate your adjusted gross income or AGI. This can be beneficial if you have other itemized deductions that are limited due to you AGI being too high. You can compare which credit or deduction yields the highest benefit but generally the Hope Scholarship Credit, if you qualify, is the best.  There is actually a fourth category for those people that pay for education to maintain or improve their job skills.  These would be deducted as a business deduction for the self employed or as an itemized deduction for an employee. Again, you have to compare each deduction and credit method to see which yields the greatest benefit.  Couple of other things to note here. If someone else is claiming you as a dependent, the tuition credits and deductions go on the return where your exemption is being claimed even if you paid the fees by loan or out of pocket yourself. The reverse is true as well.  If someone else such as a parent or relative paid those expenses, the money is considered a gift that you in turn paid to the school and you claim them on your return if you are not being claimed as a dependent.  Education Credits--AOTC and LLC
How much should Box 2 on a 1098-T from Santa Fe University of Art show?  What do I fill in on TurboTax related to box 2?
Not necessarily.Not all higher education expenses qualify for US tax benefits. Generally, the only expenses that qualify are tuition and required fees. Room and board is not a qualifying expense, and except for the American Opportunity Credit, neither are expenses for required books or supplies that are not paid directly to the institution.If all of the required expenses were paid by a scholarship - and not by you directly - then you will not have any tax benefit. You should have received a detailed breakdown from the school of the expenses and how they were paid - if you did not you should request one. If you purchased required books, equipment, and/or supplies from a source other than the university and your student qualifies for the American Opportunity Credit, you can claim those expenses for that credit.
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