In this video, you will learn about higher education enrollment software. If you have been taking advantage of education credits, it has been calculated all wrong. How you use a 1098-T to calculate your tax credits can be tricky.
Your lifetime learning credit is calculated on a form. The IRS makes something clear. They say that the it does not matter how you pay. You do not have to claim all of the benefits. You do not need to claim expenses that were paid by scholarships. You need to claim them from the year before. The amount may be different than was actually paid. When you do your taces, they will most likely ask you what is listed. It will make you fill in either box one or two. Box one reports what is actually paid. Prior to 2018, box two is about what is billed rather than what is actually paid. Experiencing expense lumping is when it is billing in the prior year. If you look back to the financial aid timeline, a traditional student will receive five tax forms. If there is anything else you would like to know, keep watching this video for more information.