Yes, her taxable amount is the difference between box 5 and box 1
Box 5 includes scholarships, grants, fellowships and other "free money" awarded for school
No, you cannot adjust the taxable amount. If she received any additional scholarships that were in excess of her tuition this would also be taxable. If she had other Qualified Educational Expenses you can enter them in the 1098-T section which will lower the taxable amount.
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