Has anyone received a larger tax refund due to their 1098-T form? I got mine a few weeks ago and plan to file my taxes next week. I’m covering my expenses out-of-pocket after financial aid, without any loans. My mom is worried I might not see a bigger refund because of the reimbursements that many college students get through direct deposit. Can anyone share whether those reimbursements affect your tax refund?
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The 1098-T form is used to help determine eligibility for education-related tax credits like the American Opportunity Credit and the Lifetime Learning Credit. If you’re paying out-of-pocket for qualified education expenses, and you received a 1098-T showing those amounts, it could potentially increase your tax refund.
However, the amount of your refund will also depend on your overall income, the specific deductions and credits for which you qualify, and any reimbursements you’ve received.
If you received reimbursements that are for qualified education expenses, keep in mind that those could impact the expenses you can claim on your taxes. It’s essential to include only the out-of-pocket expenses under the credits to maximize your refund.
Your best bet is to check the eligibility requirements for the education tax credits and consult with a tax professional if you’re uncertain about how the reimbursements might impact your situation. They can give you the most accurate advice tailored to your specific circumstances. Good luck with your filing!