Box 5 has 2020 scholarships for both Spring and Fall. Box 1 only has Fall of 2020. Which leaves a $13,100 difference that we have to report as income. The University has to report the scholarships in Box 5 for the calendar year while the expenses in Box 1 are when payments actually post. So if I would have paid tuition in December for the 2021 Spring semester (like I always have done), those expenses would have appeared in Box 1 and expenses would have been greater than the scholarships. Everything would have been normal as usual but my son's internship changed that. These boxes in Form 1098-T do not report things the same way which just does not make sense.
Having to report this as income is ridiculous but it appears there is no way around it. That is what I am asking. Is there another way to handle this situation? The scholarships are not left as a credit to his account. He will resume getting his scholarships when he starts back up for the Fall 2021 semester.
Thanks!
