The payments received by my educational institution from spring 2019 to fall 2019 were a total of $28,446, yet box 1 on my 1098-T says $10,010. The amount billed from spring to fall is $28,446 (but there is nothing in box 2). Box 5, scholarships or Grants is $19,040 for spring through fall. If I use what is in box 1, then I don't qualify for any tax credit because the amount billed is less than scholarships and grants.
When I emailed my school about it there response was:
"Personal financial records may differ from what is shown in Box 1 (payments received) of the Form 1098-T. Stated another way, the amounts reported on personal tax returns may not align with the amounts reported on Form 1098-T. This is due to how educational institutions are required to report amounts on the Form 1098-T, which changed under federal law beginning with tax year 2018. Due to this change in reporting requirements and Drake’s software system, students attending Drake prior to the change for 2018 may have an amount reported in Box 1 of the 2019 Form 1098-T that represents qualified tuition and related expenses billed by the University rather than the amount paid by the student. This occurred in order to maintain consistency with prior Form 1098-T’s you received from Drake and to ensure all amounts paid and billed over the course of your academic career with Drake are reported and not duplicated. Your student account activity should be used to supplement the Form 1098-T and assist with determining eligibility for education tax credits."
