1098-T Tuition Statement

[Buffalochip]

The Box 1 & Box 5 entries for the 2018 1098-T sent by the school for my son's tuition were accurate. The 2019 1098-T statement sent by the school is wrong.  The 2019 box 1 and box 5 values are not correct, both are grossly overstated. Even if I assume the university is attempting to include the 2020 charges and scholarships for tax year 2019, I cannot come up with the results they cite.  I will reach out to the university for documentation; however, previous attempts have not been that successful in resolving the issue. 

My question is this, if I have good records that are based on the actual charges documented by the university as well as scholarships received, should I totally ignore the 1098-T values provided by the university and simply use the data I have.  

[Hal_Al]

Q. Should I totally ignore the 1098-T values provided by the university and simply use the data I have.  

A. Yes, particularly because you have good records and are confident of their accuracy.

The 1098-T is only any informational document. The numbers on it are not required to be entered onto your tax return. 

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. 

If you also need to change box, just do so at the 1098-T screen.