<p>I got a 1098-T form. (tuition statement)
The college though did not include an extra loan disbursement. I've asked the school if they can revise my 1098-T, would they do that?
I'm filing with Turbo Tax and don't know where to enter this loan amount. The school didn't include it in box 2 in the tax form.
I don't know if the school made a mistake on my 1098-T or if they processed this in 2013 and will send me another tax form next year. I wanted to include this extra loan amount on my taxes now since it was from 2012.
Very frustrating, any ideas appreciated!</p>
<p>THen this other college, american public university sent me a 1098-T, yet I didn't attend this college. I had applied but never attended. Do I include this in my tax return? Turbotax is really good to ask for advice but I doubt they know this. I tried to ask.</p>
<p>The loan amount does not appear on the 1098-T because it does not affect your taxes n any way. It’s not taxable to you, and it has nothing to do with the amount available for the tuition credit. Whether you paid in cash out of your own pocket or with loans does not change what you use for the credit. If you received scholarships or grants, that would appear on the form.</p>
<p>Thanks happy Mom.
I’m trying to figure out where in the taxes to put the extra loan. It’s an educaitonal expense. Do I put it in the 1098 and add the extra loan to the 1098 they sent me in box 2? I don’t want to make a mistake or have tax problems. Or is there somewhere else in the taxes to put this? I’m using turbo tax but don’t know where.</p>
<p>If you got a loan and used the money for tuition, fees, books, and materials specifically required for a class, that amount of money can be used for the American Opportunity Credit. You do not add it to the 1098t. Ignore the 2098t. Make a list of your expenses and use those.</p>
<p>If you got a scholarship that was specifically for tuition an fees, then you can’t claim that amount of money for the AOC. You can claim your books, etc. as well as any extra tuition and fees you paid that wasn’t covered by the scholarship.</p>
<p>If you got a scholarship for room and board, that you have to report as income.</p>
<p>Print out your bursars account statement and go through that if you need to. That’s what we did.</p>
<p>If you are a dependant, your parents need to claim the AOC - not you.</p>
<p>I don’t know how to do what you need to do with Turbo Tax. I either do my taxes by hand on paper, or with the IRS Free Fillable Forms. Try sending a PM to one of the parents in this thread (or in any of the other 1098t threads) who has mentioned using TT.</p>
<p>“If you are a dependant, your parents need to claim the AOC - not you.”
^^^^
This.
Are you a dependent student on your parents’ tax return? If yes, THEY can claim the tuition on their return, believe it is form 8863. Turbotax does ask for educational expenses in their program.</p>
You don’t put it anywhere. You determine how much was paid for qualified tuition, fees and books and use that for the American Opportunity Credit if you’re a full time student in a degree program. It doesn’t matter whether the payments were made from loans. If you’re over 24 you would put it on your return. If you’re a dependent of your parents, it would go on theirs. </p>
<p>Any loans used for room and board or other expenses do not qualify for the AOC.</p>
<p>Turbo Tax does not ask for loans because it is not relevant.</p>