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  #1  
Old 01-31-2010, 01:02 PM
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tax help

Ok so my university sent me this thing in the mail, a form 1089-T... as well as a pamphlet explaining what it is. But I still dont get it.

Also, my company I work for gave me a form for my dividends pay out( woo $40)... that also has to go into my taxes if I am not mistaken.

But I am more interested in the 1089-T...
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  #2  
Old 01-31-2010, 01:07 PM
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Quote:
Originally Posted by TheDon View Post
Ok so my university sent me this thing in the mail, a form 1089-T... as well as a pamphlet explaining what it is. But I still dont get it.

Also, my company I work for gave me a form for my dividends pay out( woo $40)... that also has to go into my taxes if I am not mistaken.

But I am more interested in the 1089-T...
The 1098-T is the tuition information from your university. It goes in the appropriate box when you do your taxes...

I do my federal filing through turbotax. Here's there page on it: http://turbotax.intuit.com/support/kb/deductions-and-credits/deductions-and-credits/3464.html
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  #3  
Old 01-31-2010, 01:11 PM
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so its a deducation? if so I'd like to be able to deduct the tuition from my community college for last year too lol
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  #4  
Old 01-31-2010, 01:15 PM
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Originally Posted by TheDon View Post
so its a deducation? if so I'd like to be able to deduct the tuition from my community college for last year too lol
If the university/CC qualifies, they should send you a 1098-T.

I just got one from UMass. I think every little bit is going to count this year...
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W124.133 - 603.960, 722.317 - Smoke Silver Metallic / Medium Red (702/177), acquired 8/15/2009
262,715 and counting
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  #5  
Old 01-31-2010, 01:18 PM
Craig
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I don't even want to think about the check I'm going to have to write in April.
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  #6  
Old 01-31-2010, 01:26 PM
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Originally Posted by Craig View Post
I don't even want to think about the check I'm going to have to write in April.
Heh, I'm at the other end of the spectrum. I'm filing as soon as I have all my papers here!

Finishing school and then no employment does kinda necessitate it
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1987 300D Turbo
W124.133 - 603.960, 722.317 - Smoke Silver Metallic / Medium Red (702/177), acquired 8/15/2009
262,715 and counting
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  #7  
Old 01-31-2010, 01:30 PM
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my CC never ever sent me a 1089-T.. I really wish I could write off my expenses for books ya know.
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  #8  
Old 01-31-2010, 01:41 PM
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I assume you are talking about a 1098-T?

Hopefully the box is checked that you are at least half time student.

There are two different tuition deduction methods that I know of. These are credits actually, not deductions. Credits are much better... One is the Hope Credit and another is the Lifetime Learning Credit. Technically there are other ways to deduct tuition but the rules for those are very narrow.

Here is some info

http://www.irs.gov/faqs/faq/0,,id=199791,00.html
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Last edited by mpolli; 01-31-2010 at 01:58 PM.
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  #9  
Old 01-31-2010, 01:44 PM
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I got the form as well. I need to sit down and start the turbo tax stuff
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  #10  
Old 01-31-2010, 02:35 PM
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Quote:
Originally Posted by mpolli View Post
I assume you are talking about a 1098-T?

Hopefully the box is checked that you are at least half time student.

There are two different tuition deduction methods that I know of. These are credits actually, not deductions. Credits are much better... One is the Hope Credit and another is the Lifetime Learning Credit. Technically there are other ways to deduct tuition but the rules for those are very narrow.

Here is some info

http://www.irs.gov/faqs/faq/0,,id=199791,00.html
I'm a full time student with 13 credit hours this term.It's not checked
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  #11  
Old 01-31-2010, 02:39 PM
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If you took at least two classes in a quarter in 2009 then box 8 should be checked.
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1998 C230 330,000 miles (currently dead of second failed EIS, yours will fail too, turning you into the dealer's personal human cash machine)
1988 F150 144,000 miles (leaks all the colors of the rainbow)
Previous stars: 1981 Brava 210,000 miles, 1978 128 150,000 miles, 1977 B200 Van 175,000 miles, 1972 Vega (great, if rusty, car), 1972 Celica, 1986.5 Supra
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  #12  
Old 01-31-2010, 02:39 PM
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I did at my CC but none at my university.
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  #13  
Old 01-31-2010, 02:41 PM
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Quote:
Originally Posted by TheDon View Post
I did at my CC but none at my university.
Seeing as this 1098-T is from your university, it would make sense that it wouldn't be checked...
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1987 300D Turbo
W124.133 - 603.960, 722.317 - Smoke Silver Metallic / Medium Red (702/177), acquired 8/15/2009
262,715 and counting
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  #14  
Old 01-31-2010, 03:02 PM
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Quote:
Originally Posted by Craig View Post
I don't even want to think about the check I'm going to have to write in April.

I feel sorry for you.
I filed on January 17 using Turbotax and I got my state money on January 26 and my Federal on January 29 deposited to my account
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  #15  
Old 01-31-2010, 03:06 PM
Craig
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Originally Posted by Pavka007 View Post
I feel sorry for you.
I filed on January 17 using Turbotax and I got my state money on January 26 and my Federal on January 29 deposited to my account
No big deal, it's just a few hours of my time and another bill to pay.
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