The 1098-T form shows my education expenses as $8,110 in 2024. However, the billing statement we received in December 2023 shows tuition of $33,325 and a student activity fee of $315, totaling $33,640. We paid this amount in January 2024. Which amount—$8,110 or $33,640—should be used for my education expenses on my 2024 tax return?
If you paid in 33,640 in 2024, you can use that amount as the expenses you paid (use the "What if this is not what I paid the school?" link under Box 1 on the 1098-T entry screen to adjust).
Keep Form 1098-T as well as your payment receipts with your tax file.
Q. Which amount—$8,110 or $33,640—should be used for my education expenses on my 2024 tax return?
A. $33, 640
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 2024 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.
If you paid in 33,640 in 2024, you can use that amount as the expenses you paid (use the "What if this is not what I paid the school?" link under Box 1 on the 1098-T entry screen to adjust).
Keep Form 1098-T as well as your payment receipts with your tax file.
Q. Which amount—$8,110 or $33,640—should be used for my education expenses on my 2024 tax return?
A. $33, 640
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 2024 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.