Box 5 in Turbo Tax needs to be based on the
1098-T (unless it is incorrect and you request a corrected
1098-T.) It sounds like there are more scholarships than expenses reflected on the 1098-T?
We want however to make sure and
claim all the qualifying education expenses that were PAID in 2017. 1098 Box 2 shows amounts
billed in 2017. Amounts actually paid in 2017, are the expenses that qualify
for credits.
(Amounts on your records may be different from the
1098-T because schools use an academic calendar but taxes are reported on a
normal 12 month calendar. Spring Tuition is often billed the previous December and some times
paid in December. (not to much background, but schools report tuition in
different ways some use box 1 and some use box 2) In 2018 the 1098-t will have a box 1 amount-payments received, and no box 2 amount.)
Use your records of
school payments to enter education expenses that were paid in 2017.. There may be substantial additional tuition,
fees, and book expenses. If box 7 was marked on 1098-T then the school is
indicating that spring 2018 amounts are included on the 2017 1098-T. If paid in 2017, they can and should be
included in education expenses.
I am not sure if your son was in school in 2016, but make sure that there is no duplication of 2016 expenses in 2017. I am including a FAQ on qualifying education expenses.
https://ttlc.intuit.com/replies/5358152
