1098's, tuition waivers, and tax credits

[wxturtle]

How do you guys handle 1098's and tuition waivers?

 

I got a W-2 for my stipend. It had only my stipend on it ($~25,000)

 

My 1098 has tuition billed as ~$30,000, but under scholarships and grants it only says $500 (I assume they are counting just the fees that were covered by my department). If I just put that in like that, it says I'm qualified for one of the education tax credits (~$2,000).

 

Is that right? Do people generally get the tax credit if they have a full tuition waiver?

[msocean]

How do you guys handle 1098's and tuition waivers?

 

I got a W-2 for my stipend. It had only my stipend on it ($~25,000)

 

My 1098 has tuition billed as ~$30,000, but under scholarships and grants it only says $500 (I assume they are counting just the fees that were covered by my department). If I just put that in like that, it says I'm qualified for one of the education tax credits (~$2,000).

 

Is that right? Do people generally get the tax credit if they have a full tuition waiver?

There's one tax credit you can take as many times as you want  (Lifetime Learning) and the Amercian Opportunity Hope credit can only be used for a student for 4 years of post-secondary education.  So you might need to check with anyone who has been claiming you as a dependent.  If they used the Hope credit for your undergraduate, then you can still use the Lifetime Learner.

 

 

http://www.irs.gov/uac/American-Opportunity-Tax-Credit:-Questions-and-Answers