1098-T Box 6

[rorodgers16]

Re: Form 1098-T

How is should you handle  box 6 adjustments to scholarships or grants for a prior year?

Example:

Box 1 $18,000

Box 5  $12,000

Box 6   $5,000

Box 7 checked

Box 8 checked

Thank you!

[Hal_Al]

Box 6 shows any adjustments the school has made to scholarships and grants reported on a previous year's 1098-T. These adjustments may affect the student's tax liability for the previous year, so the student (and/or his parents) may have to file an amended return.

You're going to have to figure out, from you own records, if you need to do anything. For most people, there is no change.

[DawnC]

These adjustments may affect your tax liability for the previous year, so you may have to file an amended return.  Enter the form in TurboTax by searching for 1098-T and using the Jump to 1099-T link.   The box 6 amount won't have any effect on this year's return.   

Adjustments and scholarships

• Box 4 of the form shows any adjustments the school has made to qualified expenses reported on a previous year's 1098-T. If it turns out a previous year's expenses were lower than initially reported, the student may be responsible for additional tax for that year.
• Box 5 shows the amount of scholarships and grants that were paid directly to the school for the student's expenses. Scholarships and grants may reduce the amount of qualified expenses the student can use when calculating a credit.
• Box 6 shows any adjustments the school has made to scholarships and grants reported on a previous year's 1098-T.   These adjustments may affect the student's tax liability for the previous year, so the student may have to file an amended return.  You can prepare an amendment and if there is no change to your 2022 refund or tax due amount, you don't need to file it.  

1098-T Tax Guide