No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than your tuition (box 1/box 2) you may want to report it because excess scholarship money may be treated as taxable income on your return.

Where do I put information from 1098-T?

Students: If you’re not being claimed as a dependent, you can enter the 1098-T on your return regardless of who paid the tuition unless it was your employer. In that case, just keep the 1098-T with your tax records.

What do you need to know about Form 1098-T?

About Form 1098-T, Tuition Statement. Eligible educational institutions file Form 1098-T for each student they enroll and for whom a reportable transaction is made. Insurers file this form for each individual to whom they made reimbursements or refunds of qualified tuition and related expenses. Form 1098-T.

Do you have to report excess tuition on 1098-T?

If the amount in Box 5 (your scholarships) is GREATER THAN the amount in Box 1 (or Box 2, whichever is filled in on your 1098-T), then you cannot use any expenses to reduce your tax bill. You must report the excess as taxable income on your federal return. To do this within the program, please go to:

How to subtract box 5 on a 1098-T?

Subtract Box 5 from Box 1 (or Box 2). The difference is generally the amount that was paid out of pocket and that can be reported on your return. This will be reported with the program by going to: Box 6 shows any adjustments the school has made to scholarships and grants reported on a previous year’s 1098-T.

What to do if you cant fill in a form in reader?

When you choose the Reader-enabling option, save a copy of the form using a different filename, and then send the copy to recipients. If you’re having trouble filling in and submitting forms, check the following conditions: Make sure that the security settings allow form filling. (See File > Properties > Security.)