I guess I need to ask my question a different way. 0n the 1098-T, Box 1 has $22,445 which represents expenses for the Fall semester while Box 5 has $35,755 which represents both the Spring and Fall semesters. This is not apples to apples. Based on what I have seen in TurboTax, I can adjust the scholarship value to the Fall semester value of $18,575 so expense and income are one semester. First, am I understanding that correctly? Second, can I legally make that adjustment? I would then have to make a similar adjustment for 2021 the other way because I will end up with two semesters for expenses and only one semester for scholarships because of my son’s internship going on right now. He is not at the university this semester. If an adjustment cannot be made, then we will report the values as is and pay taxes on it.
I do appreciate everyone’s comments!
Thank you!
