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2007 1098-T

$5,860.00 - Amount billed for Tuition and Fees (box2)
$2,150.00 - Scholarships (box 5)

Other info:

State Prepayment plan paid to insitution $5,700
Personal Payments (room and board) $6,778


Should any of the tuition & fees expenses be eligible for either the Hope, Lifetime or Tuition and fees deduction or does the State prepayment plan take away any of those benefits?

Thanks
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Additionally, nothing is entered in box 10 of the form 1098-T
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2007 1098-T

$5,860.00 - Amount billed for Tuition and Fees (box2)
$2,150.00 - Scholarships (box 5)

Other info:

State Prepayment plan paid to insitution $5,700
Personal Payments (room and board) $6,778


Should any of the tuition & fees expenses be eligible for either the Hope, Lifetime or Tuition and fees deduction or does the State prepayment plan take away any of those benefits?


For starters, use the 1098-T as a coaster. Work from the details in your financial records.

There's no simple answer to your questions. You're going to have to slog your way through the various chapters of Pub 970. As you work your way along, remember that there's no double-dipping. If you get a tax-free benefit from a payment (e.g., a scholarship), you can't use the expense paid with it as a basis for another tax benefit.

I'd start with the scholarship, then the 529 distribution. That will tell you whether there's anything available for a deduction or credit.

Phil
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I'm assuming that if a distribution was taken from a state PACT (529) Plan a 1099-Q should have been received for that money?
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I'm assuming that if a distribution was taken from a state PACT (529) Plan a 1099-Q should have been received for that money?

Sorry, I don't know what the filing requirements are for that form. Just work from your records.

Phil
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Should the 1099-Q be used on the beneficiary's (the dependent child) tax return or the parents?

thanks
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Should the 1099-Q be used on the beneficiary's (the dependent child) tax return or the parents?

If any of the distribution is taxable it goes on the beneficiary's return.

Phil
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