KrisD15
Expert Alumni

Get your taxes done using TurboTax

If the Form 1098-T is showing 15,703 in Box 1 and 8,000 in Box 5, it is saying 15,703 was received/paid and of that, 8,000 was scholarships, so only 7,703 was paid out of pocket. 

 

Are you able to enter the room and board expenses into your program? 

 

If you have receipts for the expenses paid with the distribution and the receipts cover the amount of the distribution, you needn't enter Form 1099-Q nor 1098-T. Keep everything with your tax file. 

 

But as far as the 1098-T, with the numbers you gave 15,703 in Box 1 and 8,000 in Box 5, the program is only seeing 7,703 out-of-pocket tuition paid to the school. 

 

According to the IRS

“Generally, distributions are tax free if they aren't more than the beneficiary's AQEE for the year. Don't report tax-free distributions (including qualifying rollovers) on your tax return.”

 

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