My 1098T form displays a tuition amount that is MUCH lower than what I actually paid to the school. Do i enter info from 1098T or my actual records?

[bammeh]

For example, my 1098T displays box 2 as about $2,000. When I reality, I paid $5800 for Spring(nvm paid in 2015) AND Summer(Paid in 2016) classes. Which info should I put in?

EDIT: Looking back at payment dates, only $2070 of the payments were made in 2016 (May). This still differs by about $70 from the 1098T.

[AnnaB · Accepted solution]

You should enter the amount you actually paid during the tax year.  In TurboTax, you can enter the Form 1098-T as given to you and right below Box 2, there should be a link that says What if this is not what I paid to this school.  When you click that, it'll bring up a new box where you can enter the amounts actually paid to the school.  This means all amounts paid on behalf of you regardless of who made the payments.

Please see attached screenshots showing where the link and new box will be.

[mbtt99]

what amount can i put into the new box? only tuition OR tuition+fees+room+board costs? what impact does this have on the Other Education Expenses screens?

[Carl]

Remember, schools work in academic years, while the IRS works in calendar years. So the reality is, it takes you 5 calendar years to get that 4 year degree. With that said:

 - Scholarships, grants and 529 funds are reported as taxable income (initially) in the tax year they are received. It does not matter what tax year that scholarship, grant or 529 distribution may be *for*.

 - Qualified education expenses are claimed/reported in the tax year they are paid. It does not matter what year the payment may have been *for*.

So you enter the 1098-T *exactly* as printed. Then later screens in the program will ask you for things that were not included on the 1098-T. In the end, everything adds up to what you actually received in the way of monetary education assistance, and the expenses actually paid.

Also remember that starting with tax year 2018, the "tuition and fees" deduction is no longer available. It expired at the end of 2017 and congress did not renew it.

[Rckjraa01]

Where is the 1098T form located  on Turbo Tax ?

[Rckjraa01]

   $3574.00

[Rckjraa01]

Will  I receive an answer today?

[DianeW777]

Yes. Here's how to get to the 1098-T screen if you haven't visited the Education section yet: You will be directed to add a student or select one of your dependents who is the student.  Examples of education expenses can be found here.

1. Open (continue) your return, if you don't already have it open.
2. Search for 1098t and select the Jump to link at the top of your search results.
3. On the Do you want to enter your higher education expenses? screen, answer Yes.
4. Answer Yes to Did you get a 1098-T for the year? and Continue.
5. On the next screen, you can choose how you'd like to add your 1098-T. You can upload a digital copy from your computer or type it in yourself. Select which option you'd like and Continue.

Some important tips about entering this form:

• Parents: If the student listed on the 1098-T is your dependent, enter the 1098-T on your return – even if your dependent paid the tuition.
• Students: If you're not being claimed as a dependent, you can enter the 1098-T on your return regardless of who paid the tuition unless it was your employer. In that case, just keep the 1098-T with your tax records.
• Enter your 1098-T exactly as is even if the amounts are wrong (this is common). You'll get a chance to correct this info and enter additional expenses later in the Education interview.
• Leave blank boxes blank. Don't enter 0 for any blank boxes on the form, as this generates errors.

There is also a short video you can watch by clicking here. Some of the hyperlinks maybe useful as well.  Please update here is you have more questions. See IRS Publication 970 for greater detail.

[aebrown4]

How should I go about finding the exact amount I paid was?

[MarilynG1]

If your 1098-T does not show the correct amount you paid to your school, you can indicate that 'this is not the amount I paid to the school' and enter the correct amount.

Your school's finance or accounting office should be able to give you a detailed statement of what you paid yourself (not with grants or scholarships).