Is the federal government really giving me $4,000? (tax benefit for higher education)

[brandon]

I just received some tax form in the mail called a 1098T. In typical IRS fashion, it's brutally complex and convoluted. It looks like they are telling me I have 3 different tax credits/deductions totaling $4,192 for going to college last year.

I graduated school last year and I have never seen one of these forms before in my life. I never took out any loans and I never received any form of government assistance at all for school.

I can't help but feel that this isn't real.


Is anyone familiar with this 1098T form or a tax credit for higher education?

[ARealConservative]

I just received some tax form in the mail called a 1098T. In typical IRS fashion, it's brutally complex and convoluted. It looks like they are telling me I have 3 different tax credits/deductions totaling $4,192 for going to college last year.

I graduated school last year and I have never seen one of these forms before in my life. I never took out any loans and I never received any form of government assistance at all for school.

I can't help but feel that this isn't real.


Is anyone familiar with this 1098T form or a tax credit for higher education?

EIC is the only program I know that will give you a refund in excess of any contributions made.

This looks like the typical program where you - or anybody claiming you as a dependent - can reduce their tax bill by $4,192.

So no, you aren't getting a free $4,000, but someone may be able to get a portion of the money previously stolen

[brandon]

EIC is the only program I know that will give you a refund in excess of any contributions made.

This looks like the typical program where you - or anybody claiming you as a dependent - can reduce their tax bill by $4,192.

So no, you aren't getting a free $4,000, but someone may be able to get a portion of the money previously stolen

I just entered the form into turbo tax and it increased my tax return by $2,600, bringing my total tax return to an amount substantially higher then the total amount I paid in federal income tax last year.

The form says this is a combination of 3 tax programs

American Opportunity (HOPE) Tax Credit
Lifetime Learning Tax Credit
Higher education Tuition and Fees Deduction

[brandon]

God damn this is confusing. It seems like all of these numbers are just being pulled out of a hat. How can I be sure any of this is real or accurate?

[sevin]

God damn this is confusing. It seems like all of these numbers are just being pulled out of a hat. How can I be sure any of this is real or accurate?

That's strange. I would ditch turbo tax and hire a professional.