What should I do if the amount on my 1098-T box 5 is incorrect? The amount on the form is $500 more than what I received in grants and scholarships.

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What should I do if the amount on my 1098-T box 5 is incorrect? The amount on the form is $500 more than what I received in grants and scholarships.

You have two options:

You can report the correct amount, but you must be able to substantiate that should the IRS question the amount.

or

You can contact the institution and request a corrected 1098-T.

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