turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

ibre
New Member

Is it normal for a recent graduate to owe money in taxes if they received a lot in grants from the state and federal government for school in a year they weren't billed in?

Looking at my 1098-T it has boxes 1 and 2 blank while box 5 has a large amount. I checked my transaction history with my school and they did charge me in 2015 for my 2016 classes, and I did get the aid in 2016. I'm just confused because I thought it should have an amount in box 1 (payments received) because I had received loans in 2016 and paid with them.
Connect with an expert
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

1 Reply
MichaelMc
New Member

Is it normal for a recent graduate to owe money in taxes if they received a lot in grants from the state and federal government for school in a year they weren't billed in?

If you are certain that you made tuition and fees payments in 2016 from your own funds or student loan proceeds, and these amounts are not reported on Form 1098-T, please pay particular attention to Step 5 in the following instructions.

  1. Open (continue) your return in TurboTax, if it's not already open.
  2. In the search box, search for 1098-T or 1098T (lower-case works also) and then click the "Jump to" link in the search results.
  3. Answer Yes to Do you want to enter your higher education expenses?
  • If you land on the Let's estimate how much you could get this year, click Skip this.
  • If you land on the Your Education Expenses Summary screen, first select Edit next to an existing student or select Add a new one before proceeding.
  • Answer any questions that follow. After a few screens, you'll be asked if you received a 1098-T. Answer Yes and click Continue.
  • Enter your Form 1098-T exactly as you see it, even if you think it's wrong. Here are some important tips:
    • If any boxes on your 1098-T are blank, leave them blank. Don't enter 0 (this may cause errors later).
    • If boxes 1 or 2 on your 1098-T form are wrong, enter those amounts anyway. Then click What if this is not what I paid? right below box 2 and enter the correct amount of tuition paid.
    • Don't include grants not already listed in Box 5. We'll ask about those later.
  • Click Continue when you're done entering the information from your 1098-T. Answer any additional questions on the following screens.
  • message box icon

    Get more help

    Ask questions and learn more about your taxes and finances.

    Post your Question
    Manage cookies