Tax Form 1098-T 🎓 Education Credits Explained
This video will explain what is tax Form 1098-T, who receives and how to use it to claim Education Credits. It will walk you box-by-box through all the information listed there. You will learn how not all the expenses can be listed on the form and that you should claim any additional expenses on Form 8863. The two main education credits - American Opportunity Tax Credit (AOTC) and Lifetime Learning Credits (LLC) are also talked about in detail. Finally, should the AOTC
———————CHAPTERS—————————
Timecodes:
00:00 - Intro to 1098-T
02:10 - Refundable vs. Nonrefundable credit
03:03 - Education Credits Flow Chart
04:14 - Payments for qualified expenses
05:34 - Adjustments that could lead to amendment
07:08 - Scholarships
09:40 - American Opportunity Credit vs. Lifetime Learning Credit
14:07 - Supporting documents to prove AOTC
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The 15 Most Common Tax Forms in 2022 (+Infographics) article:
/ 15-most-common-tax-forms-in-2022
Boost Your Tax IQ Book:
shorturl.at/ijBU2
Form 1098-B box-by-box instructions:
https://boostyourtaxiq.com/resources
IRS instructions for 1098-t are at
https://www.irs.gov/pub/irs-pdf/i1098...
Standard Deduction 2021-2022:
https://www.nerdwallet.com/article/ta...
When is Scholarship Taxable:
https://www.irs.gov/taxtopics/tc421
Form 8863:
https://www.irs.gov/pub/irs-pdf/f8863...
Form 8863 Instructions:
https://www.irs.gov/pub/irs-pdf/i8863...
Tax Benefits for Education:
https://www.irs.gov/pub/irs-pdf/p970.pdf
AOTC vs. LLC Comparison on IRS website:
https://www.eitc.irs.gov/other-refund...
AOTC 2-10 year bans:
https://www.irs.gov/credits-deduction...
Documents You Need to Claim AOTC:
https://www.eitc.irs.gov/eitc/files/d...
Tax Benefits for Education: https://www.irs.gov/newsroom/tax-bene...
——————————DISCLOSURE———————————
The information presented in this video is for informational and educational purposes only. It is not intended to render tax advice for any specific situation. Those needing assistance with a specific situation should consult with a qualified Tax Professional.
The information in this video is based on current tax law and IRS regulations as of date of publication and is subject to change.
#taxguide101 #akistepinska
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