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New Member
posted Jun 4, 2019 5:22:56 PM

I forgot to include information from 1098-T and my Box 5 exceeds box 1

Will I get audited? Does this count as taxable income and should I amend my taxes?

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1 Best answer
Level 7
Jun 4, 2019 5:22:57 PM

Yes, you will likely want to amend your tax return if you left out information that would have given you more qualified educational expenses.  As is, you likely paid tax on scholarship income and with the additional educational expenses, you may be eligible for an education credit that would give you a greater refund.

Click here for instructions on how to file an amended return.  However, you are going to want to wait until you have actually received your first refund before you start the amendment (this is the advice that the IRS gives).  This is because if there are any other issues in your return or forms that come up while the IRS is processing your return, you do not want to have to amend a second time.  It is a cumbersome process. 

1 Replies
Level 7
Jun 4, 2019 5:22:57 PM

Yes, you will likely want to amend your tax return if you left out information that would have given you more qualified educational expenses.  As is, you likely paid tax on scholarship income and with the additional educational expenses, you may be eligible for an education credit that would give you a greater refund.

Click here for instructions on how to file an amended return.  However, you are going to want to wait until you have actually received your first refund before you start the amendment (this is the advice that the IRS gives).  This is because if there are any other issues in your return or forms that come up while the IRS is processing your return, you do not want to have to amend a second time.  It is a cumbersome process.