Get your taxes done using TurboTax

You do need to compare the 1098-T to the student school statement.

School years cross calendar years which makes reporting confusing.

Are you sure you're reading the 1098-T correctly?

Was this the student's first year?

I ask because it seems like the 1098-T might have a lower number in Box 1 compared to Box 5 because the scholarship in Box 5 paid tuition billed in 2023. 

USUALLY Box 1 is what the school billed and received during the tax year. Box 1 almost always includes the following year classes. Please look at Box 7, if Box 7 is checked, then Box 1 on the 1098-T DOES include January 2025 fees. 

Box 5 (scholarships posted) USUALLY lags behind a year and posts on the next year's 1098-T.

If you had a 2023 1098-T (or earlier) please try to match the expenses with the scholarships. If the "inflated" Box 5 on your 2024 1098-T reflects classes that started January 2024 but were billed in 2023, you need to make sure those expenses were not used for a credit in 2023. 

Once you have it figured out, adjustments can be made on the 1098-T entry screen by using the link under Box 1 "What if this is not what I paid" 

Or by using the screen that asks "Was any of the scholarship/aid not for 2024 expenses?"