I read that Box 1 minus Box 5 on Form 1098-T should equal what I paid for tuition. However, 2019 1098-T does not. Here are the specifics:
Box 1 = $27,553
Box 5 = $21,323
Box 7 is checked so the amount in Box 1 includes amounts I paid in 2019 for an academic period beginning in the first three months of 2020.
Box 1 minus Box 5 = $6230
Amount I paid = $12,515
Why is there such a discrepancy between what I actually paid and what the college says I paid?
Is the college wrong, or do I just not understand what is going on with this form? Any help would be greatly appreciated. Thank you very much.
