1098-T Question

Forum|Forum|3 years ago
March 25, 2023
1 reply
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Hello everyone! For one of my 1098-T's from a previous year, I'm seeing that box 2 says 37,000 for amount billed, but the box is checked for "amount billed includes academic year beginning January-March of the following year." My scholarship for box 5 was about 35,500 and to reconcile box 2, looks like I put amount actually paid during the tax year as the 37,000. Since it supposedly included amounts for the following year as well, is it possible that was an error? Thank you. 🙂

MaryK4

Level 15

With the education credits, you cannot always rely on the information reported on the 1098-T because you have to claim the credits based on when the payments were actually made. In your case, you may have to adjust the amounts so you can maximize your benefits- you can adjust in TurboTax either by changing the amounts you report on the 1098-T entry (if you do I recommend writing what you did on the form and keeping a copy with your tax records)- or you can tweak the entries for the educational expenses entries.

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Charlotte7598Author

Level 4

@MaryK4 I see! For this particular year in question, I did not actually claim the credit as I was a dependent. My mom might have. So hopefully, the actual amount paid was not less than what was stated on her return as that could be an issue.

As a follow-up, if I am enrolled full time and received my diploma on May 6th (that's what the diploma says), would that constitute me being enrolled part of that 5th month for dependency purposes?

SharonD007

Level 14

Yes. You qualify as a full-time student if you began your semester in January and graduated in May. You must be a full-time student for any part of five calendar months of the year. Any part of the month is considered the entire month. You would qualify as a qualifying child on your parent’s tax return if you were under 24. Otherwise, you would be considered a qualifying relative.

For additional information, please refer to the TurboTax Help articles Am I considered a full-time student? and Rules for Claiming a Dependent on Your Tax Return.

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