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This year, as stated on my university’s website, they are now including student loans in Box 5 of the 1098-T forms that they are issuing to students. With my scholarships and loans included in Box 5, it is making it exceed the value in Box 1 and Turbo Tax is using the difference as taxable income. As I understand, student loans are not taxable. What should I do?
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Box 5 is scholarships and grants - NOT student loans. Box 5 has nothing to do with student loans at all. If the school put something in box 5 that other than what the 1098-T instructions say, then they need to issue a corrected 1098-T form. [NOTE the instructions explicitly *exclude* loan proceeds.]
https://www.irs.gov/pub/irs-pdf/i1098et_18.pdf
Box 5 is scholarships and grants - NOT student loans. Box 5 has nothing to do with student loans at all. If the school put something in box 5 that other than what the 1098-T instructions say, then they need to issue a corrected 1098-T form. [NOTE the instructions explicitly *exclude* loan proceeds.]
https://www.irs.gov/pub/irs-pdf/i1098et_18.pdf
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