What is the name of your state?Ohio
I received 2 1098-T statements from two different universities. One for my daughter attending a 4 year/full time, one for my husband attending online "at least part time" for an aditional degree as required by his employer.
1098 #1- (daughters) lists $$ amount in box 2 "Amounts billed for qualified tuition and related expenses". And also the same amount in box 4 "Scholarships and grants". No other $$ are listed.
1098 #2- lists $$ in box 1 "payments received for qualified tuition and related expenses" and no other $$ in any other boxes.
My questions are....
1. Is 1098 #1 showing as a wash so I cannot deduct any tuition I paid (even though I did pay some out of pocket)?
2. If you took student or Wm Ford Direct Parent loans for any of those tuition amounts can you still deduct any $$ and if so in which box do you take the amount?
3. When/why would a scholarship be taxable?
I received 2 1098-T statements from two different universities. One for my daughter attending a 4 year/full time, one for my husband attending online "at least part time" for an aditional degree as required by his employer.
1098 #1- (daughters) lists $$ amount in box 2 "Amounts billed for qualified tuition and related expenses". And also the same amount in box 4 "Scholarships and grants". No other $$ are listed.
1098 #2- lists $$ in box 1 "payments received for qualified tuition and related expenses" and no other $$ in any other boxes.
My questions are....
1. Is 1098 #1 showing as a wash so I cannot deduct any tuition I paid (even though I did pay some out of pocket)?
2. If you took student or Wm Ford Direct Parent loans for any of those tuition amounts can you still deduct any $$ and if so in which box do you take the amount?
3. When/why would a scholarship be taxable?