1098-T

Forum|Forum|1 year ago
February 1, 2025
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So of course I got my 1098-T after I filed my taxes. My question is, if the only amount on it is box 1 for $661.00 how much would it increase my refund (if at all) if I took a standard deduction? I appreciate the assistance. Trying to figure out if it's worth amending.

Not A Product Question

Hal_Al

Employee

Q. How much would it increase my refund (if at all) if I claim the 1098-T?

A. $661, if you have about that much calculated tax liability. $264, if your tax liability is already 0.

The American Opportunity Credit (AOC) is 100% of the 1st $2000 of tuition and 25% of the 2nd $2000. It is 40% refundable (you get it, even without a calculated tax).

Full time students who are dependents can't claim it, their parents do.

The AOC can only be claimed 4 times in an undergrad career. So if it can be worth more later (up to $2500 each year). You may want to save it. The alternate Lifetime Learning credit (LLC)is 20% of tuition ($132) and is non refundable)