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To Fill In 1098 T 2017 2018 Form , Follow the Steps Below:

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How to leverage The 1098 T 2017 2018 Form ?

So I have some bad news for you guys..If you have been taking advantage of education.tax credits such as the American Opportunity.Tax Credit or the Lifetime Learning credit,.chances are you (or your tax preparer) have.been calculating it all wrong..A few weeks ago, we posted a video on tax.deductions for college students and in the.comments we got a lot of questions about the.1098-T and how you use the 1098-T to calculate.your tax credit..So this video is a follow-up to that video..So, if you haven’t seen that video, go watch.that one first and come back to this one..It’s time to clear the air and learn how.this is supposed to go..So here’s how a lot of people think the.credit works..You put in the information from your 1098-T,.subtracting your reported scholarships and.grants in box 5 from the amount listed in.either box 1 or box 2..That should give you the net amount of qualified.expenses for which you can claim either the.American Opportunity Tax Credit and/or Lifetime.Learning Credit, right?.WRONG..However, this is what a lot of tax preparers.do and likely what many individuals do when.filing taxes for themselves..So, here’s the correct way..Your American Opportunity Tax Credit and/or.Lifetime Learning Credit are calculated on.the Form 8863..And this is what it looks like..Now, in the instructions for the 8863, the.IRS makes something very clear..Generally, qualified education expenses are.amounts paid in 2018 for tuition and fees.required for the student's enrollment or attendance.at an eligible educational institution..It doesn't matter whether the expenses were.paid in cash, by check, by credit or debit.card, or with borrowed funds..The amount of qualified tuition and related.expenses reported on Form 1098-T may not reflect.the total amount of the qualified tuition.and related expenses paid during the year.for which you may claim an education tax credit..You may include qualified tuition and related.expenses that are not reported on Form 1098-T.when claiming one of these education benefits.if you can substantiate payment of these expenses..You may not include expenses paid on the 1098-T.that have been paid by qualified scholarships,.including those that were not processed by.the universities..You may receive Form 1098-T from the institution.reporting payments received in 2018 (box 1)..However, the amount in box 1 of Form 1098-T.may be different from the amount you paid.(or are treated as having paid)..In completing Form 8863, use only the amounts.you actually paid (plus any amounts you're.treated as having paid) in 2018 (reduced,.as necessary, as described under Adjusted.Qualified Education Expenses, later)..See chapters 2 and 3 of Pub. 970 for more.information on Form.1098-T..When doing your taxes, your tax preparation.software will often require you to replicate.what is reported on Form 1098-T by filling.in boxes 1 or 2 and 5 at a minimum..Essentially,.Box 1 reports the amounts actually paid and.Box 2 reports the amounts billed..Unfortunately, prior.to 2018 the majority of schools used the amounts.billed method and would fill out Box 2 instead.of.Box 1, which would not accurately reflect.when qualified expenses were actually paid,.which is.what the education tax deductions and credits.require to make sure the amounts used are.appropriate for each respective tax year..This was a big problem because many people.who have.received the Form 1098-T with Box 2 instead.of Box 1 filled out have likely experienced.something called “expense lumping” and.not to their benefit (combining fall semester.tuition with spring semester tuition from.the following tax year)..Let me explain..For example, if you look back to the financial.aid timeline, students who are enrolled in.undergraduate study for four academic years.will be in college for five tax years and.should.therefore, receive five Form 1098-Ts..However, institutions that use the billing.method will often.lump the spring and fall semester tuition.and qualified expenses figures together starting.in the fall.semester of freshman year..While this will not produce any significant.changes for the second and.third years the Form 1098-T form is received,.it is likely that the first year will overreport.expenses.that the student will not need to use all.of since they only need $4,000 to get the.maximum.American Opportunity Tax Credit and the student.may not receive a Form 1098-T in the fifth.year or.will receive one with an amount reported in.box 5 for scholarships and nothing reported.in Boxes 1.or 2, which is exactly what happened to me.on my 1098-T this year..If the Form 1098-T information is reported.with nothing in Boxes 1 or 2 and an amount.in Box 5, the.tax preparation software is likely to consider.this scholarship taxable..The good news to this.problem is that starting in 2018, colleges.and universities will be required to report.the amounts.actually paid .instead of billed..So here’s the bottom line..When doing your taxes and seeking to claim.any education credits, it is best to not rely.on only using Form 1098-T. Your tax preparer.should also request transaction history from.the college, copies of bank/credit card statements,.and proof of loan disbursements, and to see.what other expenses were incurred because,.remember, expenses related to other items.such as the purchasing of books and supplies.will likely not be reported on the Form 1098-T..So, now that we’ve hopefully cleared that.up, what are some things that you can do if.you realize you or your tax preparer have.been doing this thing wrong?.Well, if claiming the credits correctly would.have put you (or your parents) in a more favorable.tax position, you always have the option of.amending your tax return up to three years.from the date on which you filed..You also have a very powerful option when.claiming education credits that not many people.know about, so pay attention!.You may be able to increase an education credit.and reduce your total tax or increase your.tax refund if the student (you, your spouse,.or your dependent) chooses to include all.or part of certain scholarships or fellowship.grants in income..The scholarship or fellowship grant must be.one that may qualify as a tax-free scholarship.under the rules discussed in chapter 1 of.Pub. 970..Also, the scholarship or fellowship grant.must be one that may (by its terms) be used.for expenses other than qualified education.expenses (such as room and board)..The IRS even gives an example of this in the.instructions for the 8863..Let’s say there’s a pretty typical scenario.of a parent and child..The student is in their first year of college.and they have little to no income of their.own..They want to take advantage of the American.Opportunity Tax Credit this year..Assuming that the parent is eligible to take.the credit based on income, here’s what.they can do..Example 1..Last year, your child graduated from high.school and enrolled in college for the fall.semester..You and your child meet all other requirements.to claim the American opportunity credit,.and you need to determine adjusted qualified.education expenses to figure the credit..Let’s say tuition and fees were $5,000 and.room and board was $4,000..Your child received a $5,000 Pell grant and.took out a $2,750 student loan to pay these.expenses..You paid the remaining $1,250..The Pell grant by its terms may be used for.any of these expenses..If you and your child choose to apply the.Pell grant to the qualified education expenses,.it will qualify as a tax-free scholarship.under the rules discussed in chapter 1 of.Pub. 970..Your child won't include any part of the Pell.grant in gross income..After reducing qualified education expenses.by the tax-free scholarship, you will have.$0 ($5,000 − $5,000) of adjusted qualified.education expenses available to figure your.credit..Your credit will be $0..Example 2..The facts are the same as in Example 1 unlike.in Example 1, you and your child choose to.apply only $1,000 of the Pell grant to the.qualified education expenses and to apply.the remaining $4,000 to room and board, only.$1,000 will qualify as a tax-free scholarship..Your child will include the $4,000 applied.to room and board in gross income, and it.will be treated as earned income for purposes.of determining whether your child is required.to file a tax return..If the $4,000 is your child’s only income,.your child won't be required to file a tax.return..After reducing qualified education expenses.by the tax-free scholarship, you will have.$4,000 ($5,000 − $1,000) of adjusted qualified.education expenses available to figure your.credit..Your refundable American opportunity credit.will be $1,000..Your nonrefundable credit may be as much as.$1,500, but depends on your tax liability..If you're not otherwise required to file a.tax return, you should file to get a refund.of your $1,000 refundable credit, but your.tax liability and nonrefundable credit will.be $0..For details and more examples, please please.please go see Pub. 970, which will be linked.once again in the description box below..Before you go, make sure you subscribe and.come join the squad – we are slowly but.surely closing in on 1,000 family members..Also, make sure to turn on post notifications.by hitting the bell so that you never miss.when we drop new wealth building knowledge.on ya!.And if you enjoyed this video, don’t keep.the knowledge to yourself!.Share with a college student or parent who.you know can use this information!.Thank you so much for watching and I’ll.see you next time!.

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