1098-T Tuition Worksheet
ProSeries Professional
New for 2007 is Form 1098-T Tuition Worksheet and the Qualified Education Expenses Worksheet.
Form 1098-T is issued when the taxpayer, spouse or dependents were billed or paid for qualified tuition and related expenses from an eligible educational institution, such as a college or university.
The Qualified Education Expenses Worksheet is used to calculate the total qualified education expenses for each student. Enter on this worksheet qualified education expenses and tax-free education assistance not entered on the 1098-T(s) Worksheet for each student. Qualified education expenses include expenses that you paid with loan proceeds, gifts, inheritances, and savings account withdrawals. The 1098-T's for each student are linked to this worksheet and the total of all Qualified Expenses will flow to the Education Tuition and Fees Worksheet.
When an amount is entered on line 2 instead of 1, the amount subject to the deduction may be lower if the taxpayer paid less than the amount billed as entered in the additional smart worksheet below line 2.