"The billed details are in box 1, which is tuition, fees, etc. Box 5 is the scholarships and grants. Payments received are 9,187.00, "
No, Box 1 is NOT billed items, it should be what the school was paid in the tax year. It should report what the school received in your account. Specifically it should report "Payments received for qualified tuition and related expenses".
I am including several links below to add clarification.
Does the 1098-T make sense to you? If you received more scholarships/Grants than tuition/fees, (in your case you say $1,557), does that make sense to you? Where did the $1,557 go?
Did it pay room and board or other living expenses? If yes, it's taxable.
Did you use it for books and/or supplies? Probably not taxable.
I suggest you look over your account so you understand what money was coming in and where it went. Scholarships/Grants used for education purposes are generally not taxable.
You might also use the education section in TurboTax and work through the interview questions so the software can help you determine the tax consequence.
Please click here for IRS Pub 970
IRS Information on filing 1098-T
**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
