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 you claim, or by a third party for that dependent, are considered paid by you.
The following steps will enable you to enter or review the information from Form 1098-T Tuition Statement
into the TaxAct program for the calculation of the education credits or deduction:
- From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click the menu icon in the upper left-hand corner, then select Federal.
- Click Education to expand the category and then click All education topics
- Click Yes
- Choose the student from the dropdown menu and click Continue (If no student is listed, see Student Worksheet Entries)
- Continue through the screens entering the appropriate information or reviewing entries already made
- On the screen titled Student Information - Educational Institution, click Yes under the "Did [student] receive Form 1098-T from this school for 2019?" heading to enter the information
- Click +Add Form 1098-T to create a new copy of the form or click Review to review a form already created
- Click Quick Entry or Step-by-Step Guidance. If you select Quick Entry fill in the form to match your paper copy of Form 1098-T and be sure to scroll down to answer qualification questions. If you select Step-by-Step Guidance the program will proceed with the interview questions for you to enter or review the appropriate information.