What is a 1040 p1?

What is a 1040 p1?

Form 1040 Schedule 1 is used to report certain types of income that aren’t listed on the main form. It’s also used to claim some tax deductions.

Do I have to file a 1098-T with my taxes?

No, you don’t have to report your 1098-T, not unless you want to claim an education credit. However if your grant/scholarship amount (box 5) is more than your tuition (box 1/box 2) you may want to report it because excess scholarship money may be treated as taxable income on your return.

How many years can you file a 1098-T?

You can file form1098-T for more than four years. However, after the first four years the most beneficial education credit (the American Opportunity Credit) will be used up. After that, you’ll be able claim the Lifetime Learning Credit or the Tuition and Fees Deduction.

Does IRS audit American Opportunity Credit?

We’re auditing your tax return and need information from you to verify the EITC, ACTC or AOTC you claimed.