Detailed Explanation of the 1098-T

  • The Form 1098-T is an information form filed with the IRS.
  • The Form 1098-T that you receive reports amounts paid for qualified tuition and related expenses, as well as other related information.
  • You, or the person who may claim you as a dependent, may be able to take the tuition and fees deduction or claim an education credit on form 1040 or 1040A for the qualified tuition and related financial transactions that were timestamped during the calendar year.
  • There is no need to attach Form 1098-T to your tax return.
  • There is no IRS requirement that you must claim the tuition and fees deduction or an education credit. Claiming education tax benefits is a voluntary decision for those who may qualify.