1098-T, G.I. Bill and Pell Grant

[aimeesharples29]

I received a 1098-T from my school for 2015. I utilized both my G.I. Bill benefits to pay for college as well as receiving the Pell Grant. After inputting the information, it asked how much of the G.I. Bill was used for my education. I am unsure where to find this information or what to do next. I use 100% of my G.I. Bill benefits for my education expenses.

[ToddL · Accepted solution]

(Edited 2/10/16 at 6:15 AM PT)

When the Turbo Tax program asks "How much of the G.I. Bill was used for your  education?" it is actually asking you to identify any part of the GI Bill or Veteran's Benefits that were already included in Box 5 of your Form 1098-T.  

If you received the benefits directly from the VA, the school should not have reported them as part of the Box 5 amount. You may want to check with the school, if you are not sure. If they weren't included in Box 5 by the school, don’t enter anything here - they will not affect your tax liability.

 There is another interview screen that asks “Did you received a Scholarship or Grant?” (other than VA).  One of the choices is “Other scholarship/grants /fellowships”. This is where you enter the amount of the Pell grant.

[dh2015]

If I already subtracted the GI Bill payment from the amount from Box 5 (1098-T) and I used what was left for "room and board", do I report it this way as well?

[ToddL]

Do you know for sure that the school included your GI Bill payments in Box 5? (uncommon)  Normally you would get a check directly and spend it on whatever you needed to spend it on.

[dh2015]

Yes, In my school's Finances history...the GI Bill payment is listed (which I subtracted from Box 5)

[dh2015]

For my school, the GI Bill gets billed directly to the school, I never get a check or anything - For the tuition that is.

[dh2015]

If the Pell Grant is also included in Box 5, do I still enter the Pell Grant amount in “Other scholarship/grants fellowships”?

[ToddL]

No, since it was already included in box 5.