Skip to main content
June 3, 2019
Question

I received a 1098t after filing for the 2019 spring semester (box 7 is checked) I received a scholarship from my employer for the majority of it Do I need to amend it?

  • June 3, 2019
  • 1 reply
  • 0 views
No text available

1 reply

KrisD15
June 3, 2019

If this was received in 2019, and you already filed for tax year 2018, you will recapture any credit on your 2019 return.

Refunds received after 2018 and after your income tax return is filed. If anyone receives a refund after 2018 of qualified education expenses paid on behalf of a student in 2018 and the refund is paid after you file an in-come tax return for 2018, you may need to repay some or all of the credit. See Credit recapture next.”

 

“Credit recapture. If any tax-free educational assistance for the qualified education expenses paid in 2018 or any refund of your qualified education expenses paid in 2018 is received after you file your 2018 income tax return, you must recapture (repay) any excess credit. You do this by refiguring the amount of your adjusted qualified education expenses for 2018 by reducing the expenses by the amount of the refund or tax-free educational assistance. You then refigure your education credit(s) for 2018 and figure the amount by which your 2018 tax liability would have increased if you had claimed the refigured credit(s). Include that amount as an additional tax for the year the refund or tax-free assistance was received.”

CLICK HERE for IRS Pub 970 Tax Benefits for Education


**Say "Thanks" by clicking the thumb icon in a post**Mark the post that answers your question by clicking on "Mark as Best Answer"