Hello! Please help, I am so lost. I graduated from undergrad in December of 2019. I started graduate school at the same university January 2020. So, I went from undergraduate student to graduate student in a month.
In November of 2019 I was billed my grad school tuition ($5390) and credited my graduate assistantship grant ($5390) on the same day.
My 1098-T shows that I paid $14,065 (Box 1) in tuition and received $17,859 (Box 5) in scholarships and grants. I attended this school all year and Box 9 was not checked as I was not officially a grad student yet.
When I enter my 1098-T into turbo tax it is showing up as income, but it also is asking “Was any of the scholarship income not designated to pay 2019 education expenses?” I’m not sure what to answer here.
Do I answer yes and enter $5390 in reference to my grad school spring 2020 grant or answer no? If I answer yes, how will this affect me answering my 1098-T questions next year?
So sorry to sort of ramble here, I just desperately need help with this one question as it makes a huge difference with the amount I’ll owe.
