Solved: Is this the correct amount to put for my 1098-T?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
Level 2

Is this the correct amount to put for my 1098-T?

There is 5,844 in Box 1 and 69,289 in Box 5. This would imply that I have 63,445 in taxable income, but this isn't true; 54,100 of this amount (combination of a college grant, state grant, and work-study aid) went into tuition for the academic year. Would I instead click on "What if this was not paid to this school?" and put in 59,944, because tuition is considered to be a qualified education expense? Thank you!

1 Best answer

Accepted Solutions
Level 2

Is this the correct amount to put for my 1098-T?

That is correct.  If box 1 does not reflect the actual amount of tuition expenses being paid or received, you will select the "What if" option to enter the corrected amount.  In your situation, you will only pay the taxes on the portion of the scholarship that is NOT used to pay for the qualified education expenses, for example, like food or room & board. The program should calculate the taxable amount as the difference between $63,445 and $59,944. 

View solution in original post

1 Reply
Level 2

Is this the correct amount to put for my 1098-T?

That is correct.  If box 1 does not reflect the actual amount of tuition expenses being paid or received, you will select the "What if" option to enter the corrected amount.  In your situation, you will only pay the taxes on the portion of the scholarship that is NOT used to pay for the qualified education expenses, for example, like food or room & board. The program should calculate the taxable amount as the difference between $63,445 and $59,944. 

View solution in original post

Dynamic Ads
v
Privacy Settings