Get your taxes done using TurboTax
No, you will not be penalized for not following what the Form 1098-T reports. You school might have reported your information incorrectly on the Form 1098-T. This often happens. You should report the actual amount of tuition you paid in 2020. In the program, you are allowed to make an adjustment under box 1. It is important to enter the actual amount of tuition expenses you paid. This allow the program to calculate your education tax break correctly on either a Form 8863 or Form 8917. Here are the steps to make adjustment on the Form 1098-T:
In TurboTax online,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098t" and Enter
- Select Jump to 1098t
- Follow prompts
- On the screen, under box 1, check the box This is not what," Student' Name paid to school"
- Enter the actual amount you paid
- See image
If you have paid qualified education expenses and meet certain requirements, you may qualify for an education tax break including the American Opportunity Tax Credit AOTC, Lifetime Learning Credit or Tuition & Fees deduction. To see if you qualify, here are the links:
