Entering Form 1098T: Student Tuition Statement
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These are the steps on how to enter Form 1098-T.
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A. How to add the 1098-T form
- Under the Tax Returns tab, locate the "+" icon at the upper left portion.
2. Type in ‘8863 Pg 2' in the search bar, then click it.
B. How to fill up the form
- Enter the needed information; the student's name (#20 in the software), the student's SNN (#21 in the software), the name of the institution (refer to 1098-T form), and its address.
C. Answering questions
1. (#2 question) - Refer to the 1098-T form; if it is 2022, then Yes if not, then No.
2. (#3 question) - Refer to the 1098-T form (See Sample 1098-T form below). In this case, No.
(Note: For #4, Refer to 'FILER's employer identification no.' in Form 1098-T)
3. (#23 question) Has the Hope Scholarship Credit or American opportunity credit been claimed for this student for any four tax years before 2022?
- If the student is still an undergrad, this is a typical No. Once a student has claimed this credit for four years, they will no longer be eligible for American Opportunity Credit.
4.(#24 question) Refer to Box 9 in Form 1098-T. If it is not marked, it's a No. For this case, Yes.
5. (#25 question) Refer to Box 9 in Form 1098-T. If it is not marked with a check, it's a No. For this case, No.
6. (#26 question) Usually, it's a No.
D. Entering American Opportunity Credit
- If the taxpayer is an undergrad student, enter the amount in #27 (Refer to Box 1 from Form 1098-T). Then #28, #29, and #30 are automatically calculated. Take note not to enter more than $4000 for an undergrad.
- If the taxpayer is a graduate student, then go to #31 and enter the amount paid (Refer to Box 1 from Form 1098-T)
Important Reminder: Ensure all the details are correct, especially the number values. You need to input all the numbers and let the software do the rounding.