Submitted By: Jackie
Answered: February 22, 2012 9:00 am

What do I do with Form 1099-T?

Form 1099-T is an information return filed by educational institutions. The form shows the amount of tuition paid. The 1099 information comes into play in figuring the American Opportunity credit or other education-related tax break.

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Tax Glossary

Mortgage interest

Fully deductible interest on up to two residences if acquisition debt secured by a home is $1 million or less, and home equity debt is $100,000 or less.

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