For the Lifetime Learning Credit, qualified expenses include fees for a course that was part of a post-secondary degree program or to improve job skills
- Box 10 – indicates the amount of any insurance contract reimbursement or refund.
For years 2017 and prior, your educational institution may either report payments made by the student for qualified tuition and related expenses in Box 1 or they ount billed to the student for qualified tuition and related expenses in Box 2. The school cannot report amounts in both box 1 and box 2. Starting with the 2018 1098-Ts, all schools will only report amounts paid for qualified tuition in Box 1.
Each school has a different process for reviewing and correcting 1098-Ts. Check your school’s website for any specific information about 1098-Ts.
The American Opportunity Credit (AOTC) and Lifetime Learning Credit (LLC) are the two education credits currently available to tax payers who meet certain income limits and other eligibility criteria. Continue reading “The Lifetime Learning Credit (LLC) is available to all students enrolled at an eligible educational institution”