Educational institutions are given the option of reporting either Box 1 or Box 2 on Form 1098-T. If the amount in Box 2 accurately reflects your qualified tuition and fees for 2016, you do not need to do anything. TurboTax will calculate your tax credit or deduction based on that number.
If you feel that the amount reported in Box 2 doesn't not accurately reflect your educational expenses:
Enter
your Form 1098-T exactly as you see it, even if you think it's
wrong. Here are some important tips:
- If any boxes on your 1098-T
are blank, leave them blank. Don't enter 0 (this may cause errors later).
- If boxes 1 or 2 on your
1098-T form are wrong, enter those amounts anyway. Then click What if
this is not what I paid? right below box 2 and enter the correct amount
of tuition paid.
- Don't include grants not
already listed in Box 5. We'll ask about those later.