December 10, 2022 by Marjorie R. Rogers, MA (English), Certified Consultant
There are a few things to know about who should file a 1098-T parent or child in 2021. The 1098-T is used to report tuition payments made to eligible educational institutions. The form is filed by the institution and sent to the student.
If you are claiming the American Opportunity Tax Credit or the Lifetime Learning Credit, you will need information from the 1098-T to complete your tax return. If you are claimed as a dependent on another person’s tax return, that person should receive the 1098-T. For example, if your parents claim you as a dependent, they will receive the form.
If you are married and filing a joint tax return, either spouse can receive the form.
Who Files A 1098-T Parent Or A Child 2021?
The answer to this question may depend on the particular situation of the taxpayer. For example, if a dependent child is claimed as a dependent on his or her parent’s tax return, then the parent would likely file the 1098-T.
However, if an independent student is not claimed as a dependent by either parent, then he or she would file his or her own 1098-T.
Who Claims 1098-T Parent Or Student
If you are the parent or guardian of a college student, you may be wondering who should claim the 1098-T form. The answer is that it depends on a few factors.
First, if the student is claimed as a dependent on the parent’s taxes, then the parent will need to claim the 1098-T.
However, if the student is not claimed as a dependent, then they will need to claim it themselves. Second, if the student received any scholarships or grants that covered their tuition and fees, then those amounts should be reported on the 1098-T and the parent or student will not need to pay taxes on them. Third, if the student took out any loans to help pay for their education, those loan amounts should also be reported on the 1098-T.
The interest paid on those loans is tax deductible, so claiming it can save you money come tax time. In general, claiming the 1098-T form falls to whoever pays the tuition and fees – either the parent or guardian if they are claimed as a dependent or else the student themselves. Loans and scholarships can complicate things slightly but as long as you know what each line item on the form represents, you should be able to figure out who needs to claim it without any trouble.
Do I File My 1098-T Or My Parents?
If you are a student who is claimed as a dependent on your parents’ tax return, you will need to file your 1098-T with your parents. However, if you are not claimed as a dependent on your parents’ tax return, then you will need to file your 1098-T on your own.
Can Both Parent And Student Claim 1098-T?
As the parent or student, you can only claim the American Opportunity Tax Credit (AOTC) if you, not someone else, pay qualifying tuition and related expenses. Thus, if your parents claim you as a dependent on their tax return, they would be the ones to receive any credit for which you qualified.
The AOTC is worth up to $2,500 per eligible student.
To qualify, the student must: Be enrolled at least half-time in a program leading to a degree or other recognized credential at an eligible educational institution Not have finished the first 4 years of postsecondary education before 2020 (a change from previous years)
Have no felony drug convictions Not have claimed the AOTC or its predecessor tax credit—the Hope Scholarship Credit—for more than 4 tax years Sign a statement that he or she has not been claimed as a dependent on another person’s tax return
If these requirements are met and both parent and student are claiming 1098-T, then each will report 1/2 of the total amount reported on 1098-T.
Who Files the 1098-T Form?
The 1098-T form is filed by educational institutions. The form is used to report information about students who are enrolled in eligible educational programs. The purpose of the form is to help taxpayers claim the American Opportunity Tax Credit or the Lifetime Learning Credit.
Who Reports Form 1098-T Parent or Child?
If you’re a parent claiming the American Opportunity Tax Credit (AOTC) for your child’s qualified education expenses, you must have a 1098-T form from the educational institution. The AOTC is worth up to $2,500 per eligible student. To claim the credit, you must file Form 8863 with your tax return.
About Author (Marjorie R. Rogers)
The inspiring mum of 6 who dedicates her time to supporting others. While battling with her own demons she continues to be the voice for others unable to speak out. Mental illness almost destroyed her, yet here she is fighting back and teaching you all the things she has learned along the way. Get Started To Read …