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 tab. On smaller devices, click in the upper left-hand corner, then choose Federal.
- Click Education to expand the category and then click Student Worksheet (tuition, scholarships)
- 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
- If you have not yet added the Form 1098-T, after the Educational Institution screen, you will come to a screen titled Student Information - Form 1098-T where you will want to click Yes to add a new copy of the form. If you have already added the Form 1098-T, you will come to a screen titled Tuition Statement - Summary where you can review the form or add a new copy.