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Subject Author Date
1098 T Billy 03-05-2008
---> Re: 1098 T Phil Marti03-06-2008
Posted by Billy on March 5, 2008, 11:35 pm
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 Why is Box 1 blank in a 1098T? Student received a loan for tuition and
qualified expenses.

tks all

bw

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Posted by Phil Marti on March 6, 2008, 2:02 am
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 "Billy" wrote:

> Why is Box 1 blank in a 1098T? Student received a loan for tuition and
> qualified expenses.

Ignore numbers on the 1098-T and work from your financial records with the
school(s).

The fact that you're mentioning loans tells me you need to do some research
in IRS Publication 970. When you're figuring tax benefits from higher
education expenses it's irrelevant whether an expense was paid from a loan
or from savings.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Billy on March 6, 2008, 8:35 am
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> "Billy" wrote:
>
>> Why is Box 1 blank in a 1098T? Student received a loan for tuition and
>> qualified expenses.
>
> Ignore numbers on the 1098-T and work from your financial records with the
> school(s).
>
> The fact that you're mentioning loans tells me you need to do some
> research in IRS Publication 970. When you're figuring tax benefits from
> higher education expenses it's irrelevant whether an expense was paid from
> a loan or from savings.
>
>Tks Phil, you can understand why the concern though on a blank box 1, one
>would think there would be an explanation but none!

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

Posted by Mark Bole on March 6, 2008, 10:22 am
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Phil Marti wrote:
> "Billy" wrote:
>
>> Why is Box 1 blank in a 1098T? Student received a loan for tuition and
>> qualified expenses.
>
> Ignore numbers on the 1098-T and work from your financial records with the
> school(s).

Unfortunately, I too have found 1098-T to be worse than useless in many
cases. Because the tax reductions (or, subsequent credit recaptures)
involved can easily range into several thousand dollars, having to
deliberately ignore an official IRS reporting document is especially
annoying.

One local community college, where full-time tuition might be on the
order of $600/yr, recently sent a 1098-T with about $4,500 in both box 2
and box 4 (adjustments for prior year), both numbers being completely
fictional. Later a correction was received, still no box 1 and still
inaccurate numbers in the other boxes.

Another large state university system does not issue 1098-T at all. On
the plus side, students there can log in and get a complete statement of
account online (all charges, payments, and refunds).

-Mark Bole

--
<< ------------------------------------------------------- >>
<< The foregoing was not intended or written to be used, >>
<< nor can it used, for the purpose of avoiding penalties >>
<< that may be imposed upon the taxpayer. >>
<< >>
<< The Charter and the Guidelines for submitting posts >>
<< to this newsgroup as well as our anti-spamming policy >>
<< are at www.asktax.org. >>
<< Copyright (2007) - All rights reserved. >>
<< ------------------------------------------------------- >>

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