<p>In box 2 it says 2978
in box 5 it says 6739</p>
<p>what im wondering is, even though box 7 is not checked am i still supposed to include the costs for the classes im taking now which started at the beginning of the semester?? if not does that mean i cant subtract the costs of books for this semester either??</p>
<p>The 1098-T that you just received should cover spring 2011 through fall 2011. This form is typically done for the calendar year. Since you use this form for filing for 2011 taxes you can only count amounts paid in 2011. So any books you have purchased for spring 2012 will probably be credited on your 2012 taxes.</p>
<p>That said it looks like you paid 2978 and received 6739 in grants/scholarships. Was all this money for tuition and fees (not room & board?). If all these amounts were for qualified expenses you would be able to use 2978 plus what you spent on books in 2011 for your tax credit/deduction. If these 2 amounts included tuition and R&B you will probably have to report the excess (amount of grants above tuition/fees/books) as income.</p>
<p>We received a 1098T for our student today. There is a $15K difference between box 2 and 5. I contacted the school and one of the terms the student studied abroad–this is not qualified tuition expense even though the scholorship covered the study abroad tuition. I fully understand this will be taxable. Can the student file a tax return for this and still allow the parents to count the student as a dependent?</p>
<p>Yes, you can have the student file and still have the parents claim the dependency exemption. The student would put a 0 in the number of personal/dependency exemptions box.</p>
<p>If the student files and uses the T 1098 for an exemption and gets the $4000 deduction and has only earned $5000 in the year , does that mean they would get a refund of around $4000.
And if they are still a dependent on the parents tax return can they take the T 1098 deduction?</p>
<p>Confused</p>