Question

Select the correct answer.

What is the purpose of a 1098 tax form?
ОА.
to report interest income from bank accounts
OB.
to report dividends or capital gains from stock investments
Ос. .
to report federal income taxes withheld by an employer
OD.
to claim qualified expenses such as deductions or credits
O E.
to correct mistakes on an already filed tax return
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Answer 1

D. to claim qualified expenses such as deductions or credits

Step-by-step explanation:

To find - What is the purpose of a 1098 tax form?

Solution -

The correct option is - D. to claim qualified expenses such as deductions or credits

Reason -

Form 1098 T tuition statement is an american IRS tax form filed bu eligible educational institutions(or those filing on the institutional's behalf)

To report payments received and payments due from the paying students.

The institution has to report a form for every student that is currently enrolled and paying qualifying tuition and related expense.