1098-T

Forum|Forum|4 years ago
February 2, 2022
2 replies
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I worked all of last year full-time employment and went to school full time. During the last year, I went to 3 colleges, my main university in which I used my financial aid to pay for tuition than another college in the same semester in which I paid out of pocket with my own money. I did this for both the Fall and Spring of last year. As I said I work full time which means I support more than half my cost. I don't live with my parents, I rent my own apartment. But I do get financial aid refunded back to me to pay for a tiny bit of my living cost for maybe two months out of the year. My parents support me in paying for my health insurance and car insurance that's it. So my question is who would file the 1098-T in this case?

Not A Product Question

AmyC

Employee

You provide over half of your support so you would claim the 1098-T on your return. If you want to make yourself or parents certain, take the Whom May I Claim as a Dependent? quick quiz.

You want to be sure to claim at least $4,000 in expenses for the maximum AOTC. Some of that financial aid may be taxable. The return should be worth it. If you need help with those box 1 and box 5 numbers to get the best value, you can look at another of my answers for help. or reply with more questions.

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Hal_Al

Employee

You answered your own question: " I work full time and more than half my support comes from my earned income" (paraphrased).

No one can claim you as a dependent. The age 24 - no refundable credit rule doesn't apply, since you are supported with your own earned income. You claim the tuition credit ("claim the 1098-T") on your tax return.

That said, you seem a little unsure. You may need to run the support calculation. The IRS has a worksheet that can be used to help with the support calculation. See: http://apps.irs.gov/app/vita/content/globalmedia/teacher/worksheet_for_determining_support_4012.pdf

Scholarships, and the expenses they pay, are excluded from the support calculation.

You say "I don't live with my parents, I rent my own apartment." That may not be correct. If your apartment is in the college town (away from your parent's home) and your primary purpose for being there is to attend college, then you are only temporarily away and considered to be living with them.

The support value of that home, provided by the parent, is the fair market rental value of the home plus utilities & other expenses divided by the number of occupants.