Qualified tuition and related expenses are sometimes referred to as qualified education expenses, although the terms are not always interchangeable. For purposes of the Form T provided by Montclair State University, the following categories of charges are included or not included in qualified tuition and related expense.
Box 4 of Form T reports adjustments made to qualified tuition and related expenses reported on a prior year Form T in Box 1. The amount reported in Box 4 represents a reduction in tuition paid during a prior calendar year. For example, if you paid Spring semester classes in December and withdrew from classes in January which resulted in a refund, Box 4 reports the decrease in paid tuition due to the withdrawal.
The amount reported in Box 4 for adjustments to qualified tuition and related expenses may reduce any allowable education credit you may claim for the prior year. Box 5 : Scholarships or grants — This box shows the net amount of certain forms of educational assistance that were received or applied to your student account during the most recent calendar year, regardless of the quarter for which the funds originally were intended.
Scholarships and grants may be paid directly to the student or may be in the form of direct tuition reductions. Box 6 of Form T reports adjustments made to scholarships or grants reported on a prior year Form T in Box 5. The amount reported in Box 6 represents a reduction in scholarships or grants reported for a prior calendar year. American Opportunity Credit or Lifetime Learning Credit , you need to refigure that credit, taking into account the adjustment, and then enter the decrease in credit on the current year's return.
On smaller devices, click the menu icon in the upper left-hand corner, then select Federal. Click Education to expand the category and then click Recapture of prior year education credits Enter the recapture amount you have calculated.
Rather it is the difference between the credit as it was originally calculated and the recalculated credit amount once the adjustment has been made to the tuition expense on the prior year return. You may find it helpful to review a copy of your prior year's Form and then fill out a revised copy using updated figures.
If you instead claimed a tuition deduction in the prior year i. Tuition and Fees Deduction , you will need to add the adjustment amount to your taxable income on Form , Line On smaller devices, click in the upper left-hand corner, then select Federal.
The amount reported in Box 4 represents a reduction in tuition billed during a prior calendar year. For example if you were billed in Nov-Dec and later had a reduction in the QTRE charges in ie withdrawal, courses dropped , Box 4 reports the decrease in billed tuition due to the withdrawal or drop.
The amount reported in Box 4 for adjustments to qualified tuition and related expenses may reduce any allowable education credit you may claim for the prior year. Note: It is possible for the other boxes to be empty and only have a number in BOX 4. This means as stated above that there was a reduction in qualified tuition and related expenses calculated on the T that was reduced after December 31, but had no other reportable activity for the calendar year.
Please note that the timing of each charge and scholarship are important regarding which year they are reported in. The amount reported in BOX 6 represents a reduction in scholarships or grants reported for a prior calendar year. The amount reported in BOX 6 for adjustments to scholarships or grants may affect the amout of the education credit you may claim for the prior year.
See IRS Form for how to report these amounts. For example, if you registered and paid for the upcoming Spring Semester during November or December, this box will be marked. BOX 8 shows whether you are considered to be at least one-half of the normal full-time workload for atleast one academic period during the calendar year.
BOX 9 shows whether you are cosidered to be enrolled in a program leading to a graduate level degree, certificate, or other recognized education credentlal.
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