Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
trishiajones
New Member

I transferred colleges in 2017. My 2016 1098-T Box 7 is checked saying that part of that form covers Spring 2017 classes. Do I still need to report that this year?

 
1 Best answer

Accepted Solutions
KrisD
Intuit Alumni

I transferred colleges in 2017. My 2016 1098-T Box 7 is checked saying that part of that form covers Spring 2017 classes. Do I still need to report that this year?

No, you will not report the 1098-T from 2016, but you might need it.

It sounds like the 2016 1098-T reported amounts billed for classes that started in Jan 2017. If they were paid for in 2017, then that 2016 1098-T is significant. 

The reason is this:

Let's say the school billed you 5,000 for Jan 2017 classes in 2016.

Let's say you get a scholarship and it pays the school in Jan 2017.

Your 2017 1098-T will show 5,000 more in money received then amount billed. 

Report the 2017 1098-T and also use your school account records as a guide. Make sure your billed amounts and payments do not overlap between 2016 and 2017. If they do, you may need that 2016 1098-T to make sense of it all.

Read IRS Pub  970 for help.

CLICK HERE for IRS Pub 970 Education Credits

View solution in original post

1 Reply
KrisD
Intuit Alumni

I transferred colleges in 2017. My 2016 1098-T Box 7 is checked saying that part of that form covers Spring 2017 classes. Do I still need to report that this year?

No, you will not report the 1098-T from 2016, but you might need it.

It sounds like the 2016 1098-T reported amounts billed for classes that started in Jan 2017. If they were paid for in 2017, then that 2016 1098-T is significant. 

The reason is this:

Let's say the school billed you 5,000 for Jan 2017 classes in 2016.

Let's say you get a scholarship and it pays the school in Jan 2017.

Your 2017 1098-T will show 5,000 more in money received then amount billed. 

Report the 2017 1098-T and also use your school account records as a guide. Make sure your billed amounts and payments do not overlap between 2016 and 2017. If they do, you may need that 2016 1098-T to make sense of it all.

Read IRS Pub  970 for help.

CLICK HERE for IRS Pub 970 Education Credits

Dynamic AdsDynamic Ads
Privacy Settings
v