Ok, here are my numbers to help clarify.
At the end of 2021, I PAID over $56,000 in actual costs to the university (private school!). This is the actual cash that I sent the university for the Fall 2021 and Spring 2022 semesters. The 1098T form (box 1) shows that I paid $29,943. Based on your previous response, I'm planning to report the ACTUAL tuition cost of $56,000.
Also, the same 1098T shows $10,000 for scholarships (box 5), but she received a total of $18,500 for both the fall and spring semesters. I'm assuming that they are only showing the scholarship for the fall semester since it is within the tax year.
I paid for all of this plus room and board out of a 529 account, so I want to make sure it's not considered taxable. So....I'm planning on entering the entire tuition amount, but not altering the scholarship box 5 amount since I should have a new 1098T next year. Is this the right approach?
Thanks again for all of your help.
