1098-T Qualified Education Expenses

Forum|Forum|4 years ago
May 16, 2021
2 replies
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Hi,

I am a non-traditional full-time graduate student, going back to school after working several years.

Last year, I entered in the tuition amounts from my 1098-T (about $14750), and TurboTax has this number listed in my prior year taxes.

This year, I entered in the information (about $16300), but it says I cannot claim an education tax break. It says there were no net qualified expenses. What is different this year? In the prior year's summary, there is an amount for ESA and 529 plans, but I think that was for my kids.

What is going on here this year? Why is the information on the 1098-T not being accepted?

Is there an income cap? We are married filing jointly. Our salaries are about the same this year, but we made an extra $45,000 in stock gains (short-term) and dividends.

If so, are there any ways to obtain other credits.

Thanks for any guidance.

hbl3973

Employee

scotttiger,

IRS publication 970

(https://www.irs.gov/pub/irs-pdf/p970.pdf)

lists the qualifications for the Lifetime Learning Credit among which is an income ceiling of $138,000 for married filing jointly. However, I'm wondering if there were other entries on your 1098-T, or at least what you entered into TurboTax, in particular any scholarship and grant income.