1098-T

[FM20]

Hi,
I’m a graduate student whose tuition is paid directly by the school, I don’t receive the funds in my bank account, and I don’t personally pay the tuition. I receive a stipend as a full-time student, and my program is covered by the school, typically through TA or research assistant responsibilities.

Do I still need to report the 1098-T form when filing my taxes?

Thank you!

[DavidD66]

It depends.  On your 1098-T, Is the amount in box 5 - Scholarships and grants is more than box 1 Payments received?  If so, you a portion of your scholarships and grants may be taxable and you need to report your Form 1098-T.   

[FM20]

Hi,

I am filling my taxes. If I do need to report the 1098-T, I’m a bit confused about Box 1 and Box 5. I’m filing my taxes through TurboTax, and I read that if Box 5 exceeds Box 1, the difference may need to be reported as taxable income.

My question is about how to handle this in TurboTax. It asks me two things:

1. “This is not what (me) paid to this school.” I’m not sure whether I should check this box, since I didn’t pay out of pocket—everything is managed by the university, and I only receive a payslip.

2. When I check that box, it then asks me to “Enter the full amount of tuition paid to Georgetown University. Include all amounts paid by me, someone else, scholarships, fellowships, and student loans.” I’m not sure if this is the right step or what amount I should enter there.

I’d really appreciate your help in clarifying this!

Thank you. 

[KrisD15]

1. No, "This is not what I paid"  is only used when Box 1 needs to be adjusted. This might be when the student pays in December but the school doesn't post the payment until January of the next year or vice-versa. 

That adjustment would not be used by you. 

You will enter Form 1098-T and the difference between Box 5 and Box 1 will be taxable income if Box 5 (Scholarships) is larger than Box 1 (Tuition paid).