AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |
Back to Blog
You must fully cooperate with the educational institution's efforts to gather the information needed to furnish Form 1098-T. If a student's educational institution isn't required to provide Form 1098-T to the student, you may claim a credit without Form 1098-T if you otherwise qualify, can demonstrate that you (or a dependent) were enrolled at an eligible educational institution, and can substantiate the payment of qualified tuition and related expenses.You may also claim a credit if the student attended an eligible educational institution required to furnish Form 1098-T but the student doesn’t receive Form 1098-T before you file your tax return (for example, if the institution is otherwise required to furnish Form 1098-T and doesn’t furnish it or refuses to do so) and you take the following required steps: After January 31, 2023, but before you file your 2022 tax return, you or the student must request that the educational institution furnish Form 1098-T. However, you may claim a credit if the student doesn't receive Form 1098-T because the student's educational institution isn't required to furnish Form 1098-T to the student under existing rules (for example, if the student is a qualified nonresident alien, has qualified education expenses paid entirely with scholarships, has qualified education expenses paid under a formal billing arrangement, or is enrolled in courses for which no academic credit is awarded). To be eligible to claim the American opportunity credit or lifetime learning credit, the law requires a taxpayer (or a dependent) to have received Form 1098-T, Tuition Statement, from an eligible educational institution, whether domestic or foreign. The eligible educational institution may ask for a completed Form W-9S, Request for Student's or Borrower's Taxpayer Identification Number and Certification, or similar statement to obtain the student's name, address, and taxpayer identification number.įorm 1098-T requirement. In addition, Form 1098-T should give you other information for that institution, such as adjustments made for prior years the amount of scholarships or grants, reimbursements, or refunds and whether the student was enrolled at least half-time or was a graduate student. However, the amount on Form 1098-T might be different from the amount you actually paid and are deemed to have paid. In most cases, the student should receive Form 1098-T from the eligible educational institution by January 31, 2023. When figuring an education credit, use only the amounts you paid and are deemed to have paid during the tax year for qualified education expenses. See chapter 11.įorm 1098-T, Tuition Statement. The amount you can deduct for miles driven from July 1, 2022, through December 31, 2022, is 62.5 cents a mile. Generally, if you claim a business deduction for work-related education and you drive your car to and from school, the amount you can deduct for miles driven from January 1, 2022, through June 30, 2022, is 58.5 cents a mile. See chapter 9.īusiness deduction for work-related education. You can't exclude any of the interest if your MAGI is $100,800 or more ($158,650 or more if you file a joint return). For 2022, the amount of your education savings bond interest exclusion is gradually reduced (phased out) if your MAGI is between $85,800 and $100,800 ($128,650 and $158,650 if you file a joint return). See chapter 4.Įducation savings bond program. You can’t claim the deduction if your MAGI is $85,000 or more ($175,000 or more if you file a joint return). For 2022, the amount of your student loan interest deduction is gradually reduced (phased out) if your MAGI is between $70,000 and $85,000 ($145,000 and $175,000 if you file a joint return).
0 Comments
Read More
Leave a Reply. |