April 15 is almost here, and you're frantically trying to get your tax forms done. If you think you'll need an extension, you still have file something before April 15: Form 4868. That will give you procrastinators until Oct. 15 to file your tax returns. Meanwhile, here's what our WalletPop experts have to say about tax questions concerning school tuition, dependent credit, a court judgment and a payment plan.
I'm attending school right now and am filling out my tuition tax form. What is my qualified expense? What about scholarships?
Answer from Jennifer Lane, owner of Compass Planning Associates Inc. and author of "The Complete Idiot's Guide to Protecting Your 401(k) and IRA"
Your school should provide you with a Form 1098-T Tuition Statement. Qualified tuition expense will show in box 2 and scholarships and grants in box 5. Many schools have added information about the 1098-T to their Web sites, but you can also find out information direct from the IRS at Instructions for 1098-T.