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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.

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