http://www.etax.com <br /> <br />The IRS Form 1098-T, Tuition Statement is sent to students who pay tuition at a qualifying college or similar higher education institutions. <br />The Form 1098-T lists expenses related to education, and can help determine the student’s eligibility for deductions and tax credits related to tuition and education. If the student is categorized as a dependent, then the parents or guardians of the student may be granted eligibility for the credits and deductions. <br />There are two methods for reporting expenses a student incurred. The school can opt to report the amount a student actually paid, by listing the total in Box 1 of the form, or they can report how much they billed the student, as evident in Box 2. <br />If a school has adjusted the qualifying expenses from a previous year’s 1098-T, it will be reported in Box 4. <br />Students who received grants or scholarships to help offset expenses will show an amount in Box 5. This amount may reduce the total qualifying expenses that can be used toward a credit or deduction. <br />Any amounts listed in Box 6 relate to adjustments made by the school to scholarship or grant reporting on a previous year’s 1098-T. <br />Box 7 of the 1098-T refers to the amounts listed in Box 1 or 2, and whether they include an academic term that extends beyond the coverage time of the year.
