Even if the 1098-T is in the student’s name, as long as you are eligible to claim the student as a dependent, you are also eligible to claim the education credit–regardless of who paid the tuition.

Do you get money back from 1098-T?

Form 1098-T, Tuition Statement reports the amount of qualified education expenses paid by the student during the tax year. The IRS doesn’t refund your tuition costs, but they will give you education credits, or an education deduction.

What’s the change in the Tuition Statement 2018?

In 2018, the form was changed to reflect only amounts actually paid for qualified tuition and related expenses. Schools use Box 1 to report the payments received. Box 2 is no longer used. Box 3 still provided a check box to indicate a change in the method of reporting from the amount billed to the amount paid method.

Where does the tuition report go on a tax form?

If the school reports the amount paid, it puts that figure in Box 1 of the form. If it reports the amount billed, it does so in Box 2. A school generally has to use the same reporting method every year. If it changes its method—which requires IRS approval—it puts a check mark in Box 3.

How can I claim my child’s tuition on my taxes?

You claim this amount on line 324 of your return. Your child may sign over a copy of the tuition payment certificate, form T2202A, that is issued by the school directly to the student regardless of who pays tuition. The form can support your claim for the transferred tuition amount and serve as written record for your tax information.

What do check marks mean on Tuition Statement?

A check mark in Box 8 indicates that the student is enrolled at least half-time. A check mark in Box 9 indicates that the student is enrolled in a graduate program. Box 10 of the form comes into play only in cases in which students have had expenses reimbursed under a “tuition insurance” policy.