Form 1098-T

Forum|Forum|6 years ago
February 2, 2020
1 reply
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I read that Box 1 minus Box 5 on Form 1098-T should equal what I paid for tuition. However, 2019 1098-T does not. Here are the specifics:

Box 1 = $27,553

Box 5 = $21,323

Box 7 is checked so the amount in Box 1 includes amounts I paid in 2019 for an academic period beginning in the first three months of 2020.

Box 1 minus Box 5 = $6230

Amount I paid = $12,515

Why is there such a discrepancy between what I actually paid and what the college says I paid?

Is the college wrong, or do I just not understand what is going on with this form? Any help would be greatly appreciated. Thank you very much.

NCperson

Level 15

not all the expenses are 'qualified'.... the big one that is probably missing from Box 1 is Room and Board expenses... what you are experiencing is typical.

so if eligible you'll get an AOC or lifetime earning credit based on the $6230

Sue18Author

Level 2

Thanks for your reply. So that would mean that the college decided to apply $6285 of what I paid to room and board?

NCperson

Level 15

I was just using that as an example.....

if you want to call the college, I suspect they can reconcile what you paid vs. what is in Box 1.....

while the IRS provides a tax benefit for SOME college expenses, it will not provide the benefit for ALL college expenses. So to me the big one they don't provide is for room and board - they are not going to help anyone out with daily living expenses (shelter and food).