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Tim6129님이 2013-03-19 13:39:31.0에 쓰신글
>parent님이 2013-03-19 08:31:48.0에 쓰신글
>>설명 감사합니다.
>>그런데,
>>"Remember that qualified amounts paid by student loans may count as payments eligible for these purposes"
>>이라 함은, 지금까지 학교에 pay한 금액에 loan을 더해서 거기에서 Box 5 의 금액을 제외한 나머지를 claim할수 있다는 뜻으로 이해해도 되겠습니까?
>>
>>한가지만 더 여쭈어 보겠습니다.
>>Housing fee(기숙사비+식비)는 혹시 "Qualified Expenses" 에 포함이 됩니까?
>>왜냐면  학기 초에 학교에서 총비용(Tuition+Housing+others)d에서
>>Grant: $xxx.xx, Student Loan: $xxx.xx, Parent portion: $xxx.xx
>>이런식으로 offer document를 받았기 때문입니다.
>>감사합니다.
>>
>>
>>
>>>  “Box 2 (Amounts billed for qualified tuition and related expenses) 와
>>>Box 5(Scholarships or grants)에 일정한 량의 금액이 있습니다. “=====Box 2 represents total amount billed, NOT PAID, for tuition and qualified fees during calendar year 2012 and  the "Amounts Billed" figures in Box 2 of your 1098T do not necessarily equal the "Qualified Expenses" you can claim on your IRS Form 8863 as you file your taxes; The University is required to provide the "amounts billed" and "scholarship or grant figures to help you determine the amount of qualified expenses you can claim on your IRS Form 8863. You may claim an education tax credit only with respect to qualified tuition and related expenses paid (not billed) during the calendar year. You will need to review your payment records to determine the actual qualified expenses paid, NOT billed. Remember that qualified amounts  paid by student loans may count as payments eligible for these purposes. Scholarships and grants (included in Box 5 )received may reduce your eligible payment amounts. The figure in Box 5 - Scholarships or Grants includes scholarships, grants and, if applicable, payments made by a third party under a formal billing arrangement (i.e., outside scholarships, employer provided educational assistance  etc.) which have been administered by the University . If you received other forms of outside scholarships and grants not administered by the University, it is your responsibility to adjust the figure accordingly. Third party payments do not include payments made by your parent or other individuals. Box 1 is not being used this year for reporting purposes.University's are only required by the IRS to fill in Box 1 (Payments) or 2 (Expenses) on a 1098T. you child's school opted to fill in box 2. Most schools will opt for box 2 and report eligible expenses because when reporting payments in box 1 you may only report those payments that go toward eligible expenses. The 0 you see in box one is probably just a place holder for the field so don't worry
>>>
>>> “이경우 Box 2의 경우 Form 8863을 통해 그리고 Box 5의 경우 Form 8917을 통해 claim을 할수 있다고 되어 있는데, “========As described above
>>>
>>> “1. Box 5의 경우는 부모가 taxability(세금을 내야하는)를 가지고 있는지, “=====You need to Subtract the amount in box 5 from the amount shown in box 2 and you have the correct amount to report for tuition credits. If the student's aid exceeds tuition and fees, then the tax credit may not be taken. Remember to subtract box 5 from box 2.
>>> 2. 그렇다면 얼마만큼을 어디에 더해야 하는건지,
>>> 3. 1이 아니라면 이두경우 어떤씩으로 claim을 해야 하는지 궁굼합니다”=========As said above; please read above thoroughly. To apply for the American Opportunity Credit, one should refer to IRS tax form 8863.If  you don't qualify for the American Opportunity Credit, you can apply for the Lifetime Learning Credit. The tax form to be used for Lifetime Learning Credit is the same as the American Opportunity Credit. Refer to IRS tax form 8863.ALSO, NOTE: Tuition and fee deduction is another means to get a deduction as an adjustment to income on your 1040 or 1040A form. The deductible amount may be as much as $4k based on income levels. If your modified adjusted income level is less than $80k for single and $160k for married filing jointly, then you would be eligible to take the deduction. You may not take the deduction if you are  married filing separately or if another person can claim you as a dependent on his or her tax return.
>>>
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>Housing fee(기숙사비+식비)는 혹시 "Qualified Expenses" 에 포함이 됩니까?”==No. As you know, the IRS requires the reporting institution, I mean your child’s school,  to report either amounts billed for qualified expenses or amounts paid for qualified expenses;as said, included in Box 2 are amounts billed for qualified tuition and related expense. Qualified education expenses are tuition and certain related expenses required for enrollment or attendance at an eligible education institution less any waiver that has been applied to your account. Box 2 of your 1098-T includes as qualified education expenses following fees: tuition, academic enhancement fee, student technology fee, student union fee, community activities fee, transcript fee, student union operating fee, paper printing fee, recreation center fee, orientation fee, and parking decal. Qualified education expenses do not include insurance, medical expenses (including the health services fee), room and board, housing fees, transportation fee, or similar personal, living and family expenses
> “왜냐면 학기 초에 학교에서 총비용(Tuition+Housing+others)d에서
>Grant: $xxx.xx, Student Loan: $xxx.xx, Parent portion: $xxx.xx
>이런식으로 offer document를 받았기 때문입니다. “==========.So you do not need to include housing fee(rom and board fee) in  your qualified expense. As said, generally, the semesters which are included are Summer, Fall and Spring for the academic year. This amount may not be the correct amount to include on your income tax return. Your child’s school is reporting on amounts billed reported on Box 2 of 1098T, you may only use amounts paid when preparing your tax return. Please consult your tax advisor to determine the correct amount for your income tax return. If any internal adjustments were made to the student account during 2012, this amount will appear in Box 4. Occasionally, payments or charges may not have posted correctly and our adjustments will be summarized here. This amount generally will not be included on your tax return because you are only eligible to report amounts paid to our child’s school.
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"Remember that qualified amounts paid by student loans may count as payments eligible for these purposes"
>이라 함은, 지금까지 학교에 pay한 금액에 loan을 더해서 거기에서 Box 5 의 금액을 제외한 나머지를 claim할수 있다는 뜻으로 이해해도 되겠습니까?”=====Correct. Box 5 of Form 1098-T reports the total of scholarships or grants administered and processed by the school Finance Office for your child during the calendar year, 2012( if your child recieved it). The amount of scholarships or grants for the calendar year (including those not reported by your child’s school(if your child has)) may reduce the amount of any allowable tuition and fees deduction or the education credit you may claim for the year. The amount reported in Box 5 does not include:Student loans; for example, subsidized, unsubsidized, PLUS, Perkins, and alternative loans. Scholarships, grants, and reimbursements not administered or processed by your child’s school BUT from other school. At the end of the year, you should receive a Form 1098-E from your student loan lender that shows the total interest you paid. When you file your taxes, you have to use Form 1040A or Form 1040. However, you do not have to itemize your deductions. On Form 1040A, report the amount of interest paid on line 18. On Form 1040, you report the interest on line 33. The interest then reduces your total income for the year. If you have your loan forgiven or paid for, you usually have to report the amount forgiven as taxable income on your income tax return. For example, if your employer pays off $10K of your loan, you usually have to report an extra $10K, on your income taxes. However, in certain circumstances the repayment assistance is tax-free.



So, you should use your personal records and university fee receipts to determine the actual amount paid towards the charges reported on the 1098-T statement.