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camilleharris197
New Member

1098-T Box 2 value is ~$15,000 off from the detail in my 2016 term bill in my school account. Is this normal? Majority was paid by scholarship.

When i look at all of the fees/tuition that were spelled out on my 2016 bill, it adds up to over $15k--all of which was paid by scholarships and I was refunded the excess.But box 2 on my 1098-T is showing that only ~1500 was billed for tuition and related expenses--should it be off by this much?
1 Best answer

Accepted Solutions
KrisD
Intuit Alumni

1098-T Box 2 value is ~$15,000 off from the detail in my 2016 term bill in my school account. Is this normal? Majority was paid by scholarship.

You will need to look at your student school account statement for 2016.

It is possible that the classes that started in January 2016 were billed in 2015, and could have been reported on your 2015 1098-T.

If not, check with your school administration office to see if there is an error on the 1098-T.

The IRS is interested in what was paid in 2016.

If it IS because of the billing cycle versus paying cycle, enter the 1098-T into the program as the school reported it, but under box 2 click the link that asks "What if this is not what I paid to the school?" and enter what was paid to the school in 2016. This includes scholarships, grants, gifts, loans, and cash.

(Please see screen shot below)

Enter additional expenses, such as books and supplies on the additional expenses screens.

Use your student account statement and keep a copy with your tax file.

For more detailed information, click the link below:

CLICK HERE for IRS Pub 970 Tax Benefits for Education



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1 Reply
KrisD
Intuit Alumni

1098-T Box 2 value is ~$15,000 off from the detail in my 2016 term bill in my school account. Is this normal? Majority was paid by scholarship.

You will need to look at your student school account statement for 2016.

It is possible that the classes that started in January 2016 were billed in 2015, and could have been reported on your 2015 1098-T.

If not, check with your school administration office to see if there is an error on the 1098-T.

The IRS is interested in what was paid in 2016.

If it IS because of the billing cycle versus paying cycle, enter the 1098-T into the program as the school reported it, but under box 2 click the link that asks "What if this is not what I paid to the school?" and enter what was paid to the school in 2016. This includes scholarships, grants, gifts, loans, and cash.

(Please see screen shot below)

Enter additional expenses, such as books and supplies on the additional expenses screens.

Use your student account statement and keep a copy with your tax file.

For more detailed information, click the link below:

CLICK HERE for IRS Pub 970 Tax Benefits for Education



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