On my 2023 1098-T, box 7 was checked, meaning my Spring 2024 tuition was included in 2023’s reported tuition. However, the scholarships and grants for Spring 2024 were NOT included on my 2023 1098-T—instead, they are only showing up on my 2024 1098-T.
Because of this, my 2024 1098-T now reflects only one semester of tuition but two semesters of scholarships. As a result:
- Box 1 (tuition paid) is significantly less than Box 5 (scholarships/grants received).
- This makes it seem like I received $7,000 more in scholarships than my actual tuition costs, which is not true.
- The IRS might interpret this as taxable income, and I may lose eligibility for education tax credits that I should qualify for.
I understand that this issue also affects my 2023 taxes, which were already filed. Given this reporting discrepancy, how should I proceed? Would it be possible to correct the 1098-T so that my tuition and grants are properly aligned in the same tax year?
Thank you for your help.
