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According to IRS Publication 970 Tax Benefits for Education, qualified education expenses paid by a dependent, or by a third party for that dependent, are considered paid by you.

To capture these funds, the college sends a Form 1098-T Tuition Statement to the student. It reports:

  • payments received for qualified tuition and related expenses
  • amount billed for qualified tuition and related expenses
  • amount of scholarships and grants administered and processed for the student by the college
  • if the student was considered enrolled at least-half time
  • if the student was a graduate student

To enter or review the information for Form 1098-T in TaxAct:

  1. From within your TaxAct return (Online or Desktop), click Federal. On smaller devices, click in the upper left-hand corner, then choose Federal.
  2. Click Education to expand the category and then click Student Worksheet (tuition, scholarships)
  3. Click +Add Student Information to create a new copy of the form or click Review to review a form already created
  4. The program will proceed with the interview questions for you to enter or review the appropriate information
  5. If you haven't yet added the Form 1098-T, after the Educational Institution screen, you'll see the Student Information - Form 1098-T screen. Click Yes to add a new copy of the form. If you've already added the Form 1098-T, you'll see the Tuition Statement - Summary screen and you can review or add the form.

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