Last year I took out a Parent Plus loan for my daughter's college education, however I just received a 1098-T for which is in her name for 17 Thousand dollars. The 17k is in box two, which says "amount billed for qualified tuition and related expenses". I have not had to pay back any dollars on this loan yet. What do I do with this form? Does my daughter need to do anything with this form? She has no income.
1098-T Question
Feb 03, 2010
1 Replies
Since you have to pay back this loan, treat the amount as having been paid. All of that amount that went for tuition and fees and books and required supplies can be claimed on one of the education tax benefits in Publication 970, such as the Hope, American Opportunity or Lifetime Learning tax credit, the Tuition and fees deduction, a 529 plan or the US Savings Bond interest exclusion program.
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