No, you may not elect to pay taxes on the full amount in Box 5 of your 1098T form.
The IRS receives a copy of your 1098T form. The information you report in your return needs to match the form you received.
Since your scholarship amount is greater than the amount in box 1 you will not receive the American Opportunity Credit. The American Opportunity Credit is when you paid yourself for school or you paid more than the amount of the scholarship and grants that you received for school.
Link to reporting 1098T information in your tax return.
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