That would be a mistake on the University's part. However, the primary purpose of the form is to assist you in preparing your tax return, not so much to inform the IRS of what credits or taxable income should appear on your tax return.
You should report the form 1098-T information in TurboTax as it is stated on the form, but you can adjust those amounts in response to the questions in TurboTax to reflect what occurred in the proper tax year on your tax return.
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