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Form 1098 Corona California: What You Should Know

You can view our latest online forms, including the Tab Form 856-M or 856-P: UC Online Student Filing Guidance and Form  California State University. The tab form 856-M and 856-P provides instructions for completing the federal 1098-T Form to calculate the California education tax credit. It can be a good idea to get this form in advance to allow you to make any changes before your 1098-T is issued, if at all possible. A good reference is Reinform 1098-TN: Nonresident Tax Identification Number in the United States (ITIN).  These two forms appear to provide the same information for federal taxes. What to expect when you fill out your 1098-T Form: Step 1. Fill out both pages of the 1098-T.  Fill out your entire federal tax return, filing information on the back, including the 1098-T (in part or whole the UC part or part-year). Use the IRS instructions and the “California Tuition & Fees Tax” tab on the Tab Form 856-M or 856-P for completing the Tax Free portion of the 1098-T for tax year 2014-15. When you are finished, click the green “Submit” button at the bottom of the screen. You do this at the bottom of the screen, not at the very end of the Form. Step 2. Add your state-assigned education tax credit. You add your state-assigned education tax credit under the Tax Calculation tab. The number and dollar amount of your education tax credit is displayed in the form on all pages. You can add this to an existing tax year tax return, add a new one. This will have the effect of allowing a refund for that tax. But, any refund is limited to the credit amount. How do I get a “zeroed out” education tax credit? In a typical example, the education tax credit is 0.00032% of your state-assigned education tax credit. It is not possible to get zeroed out of the credit in Cal, and the amount you can get “zeroed out” depends on your filing status: Cal Earned Income Tax Credit is capped at 16,500. However, the Educational Opportunity Credit (EOC) is capped by the Cal Department of Revenue.

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