Claiming College Tax Credits: 1098-T & 529 Plans

If you or your child is in college, don’t miss out on valuable education tax credits! To qualify, you need Form 1098-T, which details tuition payments, scholarships, and grants. Additionally, if you have a 529 plan, make sure all distributions are properly reported. Education expenses like housing and meals may also be deductible. Need assistance? Call Dr. Friday at 615-367-0819. Transcript: G’day, I’m Dr. Friday, president of Dr. Friday’s Tax and Financial Firm. To get more info, go to www.drfriday.com. This is a one-minute moment. When preparing your tax forms, don’t forget about college expenses! Many people qualify for education tax credits, but you’ll need Form 1098-T to claim them. This form shows how much tuition was paid, as well as grants and scholarships received. If you have a 529 plan, ensure you report the distributions correctly. Keep in mind that while tuition is covered, housing, food, and other education-related expenses may also be deductible. Need help? Give us a call at 615-367-0819. You can catch the Dr. Friday Call-In Show live every Saturday afternoon from 2 to 3 p.m. right here on 99.7 WTN.