Sunday, April 3, 2011
Form 1098-T confusion!!?
OK, so for the first time in all the years I have taken college classes, I have received a 1098-T from the school I attended in 2010. I do my taxes online with OLT.com and when I get to that section of the education credits, it doesn't break the actual form down like when you put in a W-2. Like box numbers etc. So I have an amount in Box 2, that is the "Amounts billed for qualified tuition related expenses". The there is another amount in Box 5 that is "scholarship or grants". Which amount do I put in, because OLT just asks for "qualified expenses". NO box number,just that. I don't know what amount to put. Do I subtract box 5 from box 2?? Help, I have always prepared my own taxes, but have never received this specific form, and I DO NOT want to go pay H&R Block for something I usually do myself just because I am stuck on this one thing. Please, any help would be appreciated. I am researching it, but still not coming to a conclusion as what Box # amount needs put in. Also, not quite sure about which tax credit, either the Lifetime Learning, or American Opportunity???? AHHHH LOL Thanks
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