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Keeping Records of Education Expenses Can Save You Money
Taxpayers who don't keep good records of their education expenses could be robbing themselves of money. Taxpayers who are going to college or have children in college could greatly benefit from keeping records of their educational expenses. They may possibly be able to deduct more from their tax returns and reduce their liability.
Form 1098T is an information document used by universities to report the amounts paid by students or amounts billed for tution. Therefore, taxpayers need to keep records of what they spent on tuition and how much they paid for related expenses to justify the education credits and expenses they claim on their returns.
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