AmyC
Expert Alumni

Get your taxes done using TurboTax

You need to look at last year's return. This year's form 1098-T box 4 shows a reduction to last year's tuition paid. Plus it shows scholarship that can go on either year.

Depending on your numbers and what you claimed- you may not need to amend if the reduced tuition does not affect your tax liability. You may need to amend and then choose what to do with the scholarship based on the new numbers.

 

This year, if you use the 1098-T "as is", you would need to claim $71k went to room and board. The is leaves $10,000 for tuition and LLC.

 

At some point, the IRS may ask for proof. You will send bursar records, scholarships, etc. The IRS requires the tuition paid match up with the year claimed. The IRS allows wiggle room for scholarships, you can see why. Keep good records of what you have done for each year so you can show it all works out in the end.

 

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