@Hal_Al
Thanks for your help last year.
This year I paid for my son’s Fall 23 and Spring 24 academic expenses totally within calendar year 2023. He received a 1098-T, but there are some odd things about it.
- For Box 1 they provide the value of the tuition for both Fall 23 and Spring 24, but it appears the school subtracted some scholarships paid directly to the school for Fall 23. They did not subtract the scholarships provided by the school itself.
- For Box 5 they include scholarships provided by the school to my son, but only for Fall 23. They did not include the Spring 24 scholarships, which were shown on the bill I paid at the end of calendar year 2023.
I want to make sure I handle all of this correctly, for both this year and next.
First, on the screen where you enter the 1098-T information, TT allows you to provide another value under the Box 1 number, which is described as the “full amount… Include all scholarships” I assume I should add back in the scholarships that school subtracted from the Box 1 value and enter it in the cell provided?
Second, under Educational Summary you can edit the scholarship and grants. In the “Other Scholarships” I assume I would enter all scholarships for both Fall 23 and Spring 24. I assume this, because I paid the Spring 24 bill in calendar year 23. However, come next tax year I would expect the 2024 1098-T will include in Box 5 the scholarship money that I have already accounted for in 2023, but was not in the 2023 1098-T for Box 5. How would I handle that. Or is TT smart enough to work everything out.
Thanks again for your help.
Regards
