in Education
1098T has nothing in box 1
$23,033 in box 5
no clue on how to handle
have talked to college no help
thank you
aola
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Was the school tuition free?
The usual explanation is that the school put the tuition on the 2023 1098-T, but didn't post the scholarship that covered it until the following January. Therefore the scholarship shows up on the 2024 1098-T, but no tuition.
This is such a common error, that TT covers it in the interview with a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2024 expenses".
What is in boxes 1 & 5 of the student's 2023 1098-T. How did you use/report those numbers on your and and the student's tax forms.
___________________________________________________________________________________________
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. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2024 expenses".
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.
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