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September 24, 2020
Question

1098 t

  • September 24, 2020
  • 1 reply
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yes my name is melissa  and im a college student ..i was wondering do i file my taxes if i didnt work , i just attended school... i saw the 1098 t form...what do i do

    1 reply

    Hal_Al
    Employee
    September 24, 2020

    Simple answer: No. You do not file a tax return, if you have no income*. 

     

    If your parents (or somebody else) claims you as a dependent, they may claim an education credit or deduction, based on your 1098-T form, even though the form is under your name and SS#.

     

    *There are exceptions.  If you are a student, over age 23, and are not claimed (or eligible to be claimed) as a dependent by someone else  you may be eligible for the up to $1000 refundable American Opportunity (tuition) Credit. That credit is not dependent on having either kids or earned income. You must be at least a half time undergraduate student. There's even a loop hole available to claim the credit, if you are on scholarship**.

    Another exception: if box 5 of your 1098-T exceeds box 1 by more that $12,200, you have taxable scholarship and must file a tax return. 

     

    **Another exception: If you are claimed as a dependent, and your  scholarships exceed your qualified expenses; and your parents want to claim the tuition credit; you must file a tax return and declare some of the scholarship as taxable income, in order to allow your parent to claim expenses for the credit.