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On the 1098-t box 1. It was incorrect so I added what was paid out of pocket by check. Can I also include the part that was paid with student loan?

 
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2 Replies
KrisD15
Expert Alumni

On the 1098-t box 1. It was incorrect so I added what was paid out of pocket by check. Can I also include the part that was paid with student loan?

Yes, you can add everything that was paid directly to the school.

It does not matter if it was cash or a loan.

Additional expenses are added on the additional screens for books and supplies not paid directly to the school. 

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Hal_Al
Level 15

On the 1098-t box 1. It was incorrect so I added what was paid out of pocket by check. Can I also include the part that was paid with student loan?

Q. Can I also include the part that was paid with student loan?

A.  Yes.

 

Q. On the 1098-T box 1 was incorrect. Can I correct that?

A. Yes. The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income. 

If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)

You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2023 expenses".

Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.

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