1098-T

[BILLBOOKMAN]

1098-T

Graduated spring 2020my 1098-t   Box 1 is approximately $4000 lower than box 5. scholarships.

For Fall 2019 the school owed a refund of $5400 and refunded that amount in April 2020.

Reading the IRS rules for box 1" The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year." The refund was not for 2020 tuition but related to 2019.  I queried the school and they have not responded. The school also was not consistent with the 2018 and 2019 1098-t statements when comparing what was done for the 2020 1098-t. Is there a way to document this issue when using TurboTax Delux?

[Hal_Al]

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 deduction 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 2020 expenses".

[BILLBOOKMAN]

Thanks,

the odd thing is the link you mentioned is not in the windows desktop version -guess I can document elsewhere - the issue is taking the educational credit with the corrected info. 

[BILLBOOKMAN]

A am using Turbotax Delux windows desktop

[Hal_Al]

I have Windows Deluxe too. It's there.  Hover until you see the "hand" then click. You may need to update, although that's not new this year

[BILLBOOKMAN]

really odd still cannot get a link to appear - I always open in view forms