Will I still get my 1098-T tax form after graduating college in May?

What if my school doesn't send it? My brother graduated last year and his school never sent him one. Is there a way to still claim education expenses without the form?

If your school doesn't send a 1098-T (which is rare but can happen), you can still claim education expenses if you have other documentation. Keep records of your tuition payments like receipts, cancelled checks, or credit card statements showing payments to the institution. You should also contact the school directly and specifically request the form. Schools are legally required to provide this document, so be persistent. If they still don't provide it, you can file Form 8863 for education credits using your own payment records as documentation. Just be extra careful to maintain proof of your expenses in case of an audit.

Does it work for part-time students too? I'm only taking 2 classes per semester while working full-time and I'm confused about how my 1098-T affects my taxes.

I'm skeptical about these tax tools. How is this different from TurboTax or other tax software? Does it just tell you what forms you need or does it actually file your taxes too?

Yes, it absolutely works for part-time students! I actually started using it when I was taking just one class per semester while working. It explains which education credits you might qualify for based on your enrollment status and helps clarify how part-time attendance affects those credits. It's different from TurboTax in that it's not a full tax filing service - it's more like a personalized tax guide that analyzes your documents and situation. It helps you understand what each form means for your specific situation and identifies potential credits or deductions you might miss. You still file with whatever service you prefer, but with much more confidence and knowledge about your tax situation.

Wait, how does this work? I thought the IRS was impossible to reach by phone. Does this service really get you through to a real person?

Yeah right. There's no way this actually works. The IRS phone lines are notoriously unreachable. I've tried calling multiple times and just get stuck on hold for hours. Sounds too good to be true.

It works by essentially waiting on hold for you and then calling you back when a real person from the IRS is on the line. It's a call-back service that navigates the complicated IRS phone system on your behalf. So instead of you sitting on hold for hours, their system does it for you. I was skeptical too! I had spent literally days trying to get through to someone at the IRS about education credits. When I used Claimyr, I got a call back in about 45 minutes with an actual IRS representative on the line. They answered all my questions about claiming education expenses when the school hadn't provided the proper forms. It's not magic - they're just using technology to solve the hold time problem.

Yes, your 1098-T will show scholarships and grants in Box 5! This is really important because you need to subtract that amount from your qualified education expenses (usually in Box 1) to determine what you can claim for education credits. If your scholarships/grants exceed your qualified expenses, the excess might actually be taxable income you need to report. This happens most commonly when scholarship money is used for room and board rather than tuition and fees. Many recent grads miss this and it can cause issues later.

Thanks for explaining that! So if Box 1 shows $8000 in tuition and Box 5 shows $5000 in scholarships, I'd only be able to claim $3000 in qualified expenses for education credits, right? That makes sense. What about my campus job that was part of my financial aid package? Does that show up on the 1098-T too or is that just on my W-2?

You've got it exactly right about calculating the $3000 in qualified expenses! That's the amount you'd use for education credit calculations. As for your campus job, that won't appear on your 1098-T at all. Campus employment, even if it's part of your financial aid package like Federal Work-Study, will be reported on a W-2 form just like any other job. The 1098-T only shows tuition, related fees, and scholarships/grants - never employment income. So you'll need both your 1098-T and W-2 to complete your tax return accurately.

Not a dumb question at all! If your parents claim you as a dependent, then THEY would claim any education credits using your 1098-T, not you. The person who claims the student is the one who gets to claim the education benefits. So if they're claiming you for 2024, make sure they get a copy of your 1098-T. They could be eligible for up to $2,500 in American Opportunity Credit if you qualify!

oh that makes sense! i'll make sure to forward it to them when it comes. do you know if there's an age limit for the american opportunity credit? i turned 25 last year if that matters.

Age 25 shouldn't disqualify you from the American Opportunity Credit! The main requirements are that you're pursuing a degree, enrolled at least half-time for at least one academic period during the tax year, and haven't already used the credit for 4 tax years. There's no specific age cutoff. Since you graduated in May 2024, this would likely be your final year claiming it anyway. Your parents should definitely look into it - the credit is worth up to $2,500 and is partially refundable, so it's one of the most valuable education benefits available. Just make sure to give them your 1098-T as soon as you receive it!

This is really helpful advice about comparing who should claim the credits! I'm actually in this exact situation - just graduated and starting my first full-time job, but my parents might still be able to claim me as a dependent for 2024 since I was a student for most of the year. Do you know how we can figure out which option gives us the better tax benefit? Is there a way to calculate this or should we just try both scenarios when preparing our taxes?