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A form 1098-T, Tuition Statement, is used to help figure education credits (and potentially, the tuition and fees deduction) for qualified tuition and related expenses paid during the tax year. The Lifetime Learning Credit offers up to $2,000 for qualified education expenses paid for all eligible students per return.
Grants and /or scholarships are taxable income to the extent that they exceed qualified educational expenses to include tuition, fees, books, and course related materials. So, taxable income may reduce your refund.
What are the income limits for the AOTC? Income Limits for the American Opportunity Tax CreditSingleMarried Filing JointlyFull Credit$80,000 or less$160,000 or lessPartial CreditMore than $80,000 but less than $90,000More than $160,000 but less than $180,000No CreditMore than $90,000More than $180,000
Is UMSL for profit or nonprofit? University of Missouri-St Louis is a public college. All public colleges are not-for-profit.
How to Calculate it. The credit itself is calculated as the sum of, 100% of the first $2,000 of qualified education expenses paid for the eligible student plus an additional 25% of the next $2,000 (25% of $2,000 = $500) for a total maximum claim of $2,500 per student per year.
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Any social, civic, religious, political subdivision or educational organization can apply for a sales tax exemption by completing Form 1746 Document, Missouri Sales Tax Exemption Application. This form lists the information needed to verify the organization is indeed a tax-exempt non-profit organization.
First, you need to check income limits. For you to claim a full $2,500 AOTC credit, the claimant's modified adjusted gross income, or MAGI, must be $80,000 or less for an individual or $160,000 or less for a married couple filing jointly.
Taxable scholarship income can be reported on 1098-T when the box 5 value exceeds the box 1 value. This could reduce your refund.
You are not required to attach IRS Form 1098-T to your tax return. The IRS Form 1098-T is not like the IRS Form W-2 obtained from your employer, which is required to be attached to the tax return filed with the IRS.
Who can claim it: The American opportunity credit is specifically for undergraduate college students and their parents. You can claim the credit on your taxes for a maximum of four years. Your parents will claim the credit if they paid for your education expenses, and you're listed as a dependent on their return.

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