According to IRS Publication 970 Tax Benefits for Education, qualified education expenses paid by a dependent, or by a third party for that dependent, are considered paid by you.
To capture these funds, the college sends a Form 1098-T Tuition Statement to the student. It reports:
To enter or review the information for Form 1098-T in TaxAct:
Note that any link in the information above is updated each year automatically and will take you to the most recent version of the document at the time it is accessed.