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sthwang1106
New Member

I applied to Grad school in 2016 but the semester started in 2017, and I've received scholarships. However when I received my 1098T, only box 7 was checked and the others are blank.

Should I include the scholarship myself when i'm do tax return?
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Accepted Solutions
KrisD
Intuit Alumni

I applied to Grad school in 2016 but the semester started in 2017, and I've received scholarships. However when I received my 1098T, only box 7 was checked and the others are blank.

The school sent you a 1098-T for 2016, but there is nothing to report since the tuition was billed and paid for in 2017.

If there is nothing reported in box 5, then the scholarship was not funded in 2016.

If you DID get scholarship funds in 2016, you can apply that to the tuition costs of the classes that start in January, February, or March of 2017.

According to the IRS:

“Prepaid expenses. Qualified education expenses paid in 2016 for an academic period that begins in the first 3 months of 2017 can be used in figuring an education credit for 2016 only. See Academic period, earlier. For example, if you pay $2,000 in December 2016 for qualified tuition for the 2017 winter quarter that begins in January 2017, you can use that $2,000 in figuring an education credit for 2016 only (if you meet all the other requirements). “

You would need to call the school to find out if that is what happened.

You would not be eligible for certain credits since you are a grad student.

CLICK HERE for IRS Pub 970 Tax Benefits for Education

CLICK HERE for a guide to the 1098-T






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1 Reply
KrisD
Intuit Alumni

I applied to Grad school in 2016 but the semester started in 2017, and I've received scholarships. However when I received my 1098T, only box 7 was checked and the others are blank.

The school sent you a 1098-T for 2016, but there is nothing to report since the tuition was billed and paid for in 2017.

If there is nothing reported in box 5, then the scholarship was not funded in 2016.

If you DID get scholarship funds in 2016, you can apply that to the tuition costs of the classes that start in January, February, or March of 2017.

According to the IRS:

“Prepaid expenses. Qualified education expenses paid in 2016 for an academic period that begins in the first 3 months of 2017 can be used in figuring an education credit for 2016 only. See Academic period, earlier. For example, if you pay $2,000 in December 2016 for qualified tuition for the 2017 winter quarter that begins in January 2017, you can use that $2,000 in figuring an education credit for 2016 only (if you meet all the other requirements). “

You would need to call the school to find out if that is what happened.

You would not be eligible for certain credits since you are a grad student.

CLICK HERE for IRS Pub 970 Tax Benefits for Education

CLICK HERE for a guide to the 1098-T






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