I graduated from college in 2015 but when the college sent me my 1098-T they posted a private loan I received as a scholarship on my 2015 1098-T. They sent me a new 1098-T for 2016 that has the amount of the loan in box 6, adjustments to scholarships or grants for a prior year. How do I enter this in TurboTax? The first question asks if what degree I was working on. The NO answer says No, I was a student in a different kind of degree program. Neither YES or NO works for me. How do I enter the 1098-T?
You may need to file an amended return for 2015.
the IRS says that this recharacterized loan is essentially a refund, and if it is received after you have already filed your return claiming that refund, you must repay any excess credit. If you received an education credit based upon expenses that were paid by this scholarship, then you will need to refigure your 2015 education credit.
To refigure the credit for 2015:
First, read how to amend a 2015 return.
After you have begun the amend process, type "1098-T" in the Search box, then select Jump to 1098-T.
On the page titled Your Education Expenses Summary, select Edit.
On the page headed Your Education Summary, scroll down to Scholarships/Grants f(or all schools). This is where you will enter the scholarship on the new 1098-T. (See the screenshot below for an image.)
You may need to file an amended return for 2015.
the IRS says that this recharacterized loan is essentially a refund, and if it is received after you have already filed your return claiming that refund, you must repay any excess credit. If you received an education credit based upon expenses that were paid by this scholarship, then you will need to refigure your 2015 education credit.
To refigure the credit for 2015:
First, read how to amend a 2015 return.
After you have begun the amend process, type "1098-T" in the Search box, then select Jump to 1098-T.
On the page titled Your Education Expenses Summary, select Edit.
On the page headed Your Education Summary, scroll down to Scholarships/Grants f(or all schools). This is where you will enter the scholarship on the new 1098-T. (See the screenshot below for an image.)