Form 1098-T is a tuition statement and is sent to a student from their college. Form 1098-T reports the following:
- The payments received for qualified tuition and related expenses;
- The amount billed for qualified tuition and related expenses;
- The amount of scholarships and grants administered and processed for the student by the college;
- If the student was considered enrolled at least-half time;
- If the student was a graduate student.
Per IRS Publication 970 Tax Benefits for Education, qualified education expenses paid by a dependent for whom you claim an exemption, or by a third party for that dependent, are considered paid by you.
To enter or review the information for Form 1098-T in TaxACT:
- From within your TaxACT return (Online or Desktop) click on the Federal Q&A tab
- Click Education to expand the category and then click College tuition costs (Form 1098-T)
- Click Add to create a new copy of the form or click Review to review a form already created
- The program will proceed with the interview questions for you to enter or review the appropriate information.