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3 years ago

EVERFI- Make a Claim

Business

1 answer:

Dennis_Churaev [7]3 years ago

4 0

1098-T form is a U.S tax form for students or parents to obtain a tax credit on the amount of fee paid during an educational term or semester or year.

This form determines if the students or their parents qualify for the tax credit.

Yes Dana is eligible for her tax credit as her expenses are greater than $ 4000. For this she will receive $2500

If the scholarships exceed the amount of the educational fee then a tax credit has to be recalculated on a certain amount.

The first box is to be filled by the student's name (Dana) in this case, her address and her contact number.

The other boxes are to be filled with the filler and social security numbers as asked.

The no 1 box gives the tuition fees received and box 2 gives the tuition fees billed.

The box 3 has to filled if any change is made by the institution in billing amount.

The other boxes are filled similarly and the form is submitted to the IRS and the copy is kept with the student.

In the given question only 3 pieces of information are given .

Name : Dana

Amount Received : $ 16,467

Scholarship Received: $ 1500

These are already filled in the form.

Educational tax credit covers up to 100% of the first $2000 of the educational expenses and 25% of the next $ 2000 expenses.

It can be filed if the parent's income is up to $ 80,000 in the year 2020.

Yes Dana is eligible for her tax credit as her expenses are greater than $ 4000. For this she will receive $2500

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