I want to include the 1098-T but it only covers the fall term of 2022. I also paid in Dec for 2023 term. I took 529 withdrawl in Dec to cover both fall and winter term
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.
If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)
You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid.
Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.
Q. How do I show room and board (R&B) paid?
A. R&B are only qualified expenses for a 529 distribution, not for a tuition credit or tax free scholarship. So, in TurboTax (TT) enter the 1099-Q before you enter the 1098-T. This will prompt TT to let you enter R&B expenses, later in the education section. To get the screen to enter Room & Board, answer yes when asked if you have book expenses.
The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.
If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)
You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid.
Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.
Q. How do I show room and board (R&B) paid?
A. R&B are only qualified expenses for a 529 distribution, not for a tuition credit or tax free scholarship. So, in TurboTax (TT) enter the 1099-Q before you enter the 1098-T. This will prompt TT to let you enter R&B expenses, later in the education section. To get the screen to enter Room & Board, answer yes when asked if you have book expenses.