Hello, I'm a student and recieved my 1098-t form today and am a little confused by the amounts reported in box one and five.
Both boxes show the amount $6670. From what I've read online, this means that the amounts cancel out and I do not owe taxes and do not qualify for credit.
The problem with this is that on my school website, it shows that I only paid $5563 for my tuition and expenses during the year and recieved grants & scholarship amounts of $6670. This means I have recieved refunds of $1107. I know I used $379 of these refunds to buy my books, but that leaves $728 as a taxable amount.
Am I missing something, or is this form not showing my tax liability? Do I need to report the $728 regardless of the information on the form?
