Do the (Amounts Billed) figures in Box 2 of my 1098-T equal the (Qualified Expenses) I can claim on my IRS FORM 8863 as I file my taxes?
Not necessarily. The University is required to provide the (amounts billed) and (scholarship or grant) figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. You will need to review your payment records to determine the actual qualified expenses paid. Remember that qualified amounts paid by student loans may count as payments eligible for these purposes. Scholarships and grants received may reduce your eligible payment amounts. See IRS Publication 970 for information to determine your qualified expenses paid amount.
Related Questions
- How did the University figure out what figures to include in Form 1098-T Box 2 Amounts billed for qualified tuition and related expenses?
- How does a parent claim a Lifetime Learning Credit for the qualified tuition and related expenses of a dependent child?
- What amounts are included in Box 2 "Amounts billed for qualified tuition and related expenses?
