KrisD15
Expert Alumni

Get your taxes done using TurboTax

The 1098-T has been revised, so this should no longer happen, but at times the school reports it wrong. Schools were reporting what was billed, but now they need to report what was actually paid. 

Say the school bills for a winter class (starts in January 2021) in December 2020. You need to make sure that the school reports the payment in the year the payment was made. So if you pay (or the scholarship posts) in 2020, it should be in Box 1 of the 2020 1098-T. If you pay (or the scholarship posts) in 2021, it shouldn't be reported until they issue the 2021 1098-T next year.

 

 

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