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1098-t instructions 2023 Form: What You Should Know
These amounts can be claimed on Schedule A (form 1040), and may also be claimed on Schedule A-E (form 1040). There are six ways to claim tuition and related expenses on Form 1098-T : 1. Deduct the tuition and fees and other fees and charges paid for a qualifying education, as determined under these instructions. 2. Allow a tax credit against your US tax for the tuition and fees and other expenses paid in the year for an education paid for by you or by your dependent, as provided in the tax code. 3. Allow an amount in a traditional IRA for qualified tuition and related expenses, as provided by the current tax law, for which you have not provided an authorization from the IRA custodian. 4. Deduct the tuition and fees and other fees and charges paid for an educational institution, as determined under these instructions. 5. Reimburse a student for a qualified tuition and related expense, if you have not provided an authorization to the student. 6. Allow an amount withheld by an employer for qualified tuition and related expenses for an education paid for by, or on behalf of, a student, as provided by the current tax law, for which the student is not an employee. If the student is an employee, you have two years to recover the amount withheld. NOTE: These instructions are available from IRS.gov and our office. To provide instructions with Form 1099-T, please refer to IRS Publication 521, Internal Revenue Bulletin 521.
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