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
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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.
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
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