1098-t

[italianplayboy09]

for those of you who are in college and got a 1098-T tax form from your school, can you tell me if i need to do anything else with it? is it something i just get in the mail to keep for records or what?

[armbar83]

i got an email from my school about this...

"The 1098-T form is used to assist you in determining if you are eligible for an Education Tax Credit. It is an annual statement that provides you with the amount of tuition charged on your account during the calendar year. The Supplemental Data Form may assist you in calculating the amount of the tax credit or deduction you may be eligible to claim, however your personal financial records serve as the official supporting documentation for you federal income tax return."

[italianplayboy09]

i wasnt working in the fall though so i didnt plan on filing taxes so do i have to file now? im confused

[armbar83]

i dont know, im not filling it out...i get bright futures, if you didnt work i wouldnt...

[biglouie250]

if you have a job and your parents dont claim you as a dependent you can use it. you can either get a credit or a deduction based on a few things. if your parents claim you as a deduction its useless. or you could be sneaky and you make a deal with them, make them take the deduction or credit then get whatever cash from them that they get back that is allocated to the deduction.