Yes,
when you enter the 1098-T into TurboTax (in the EDUCATION section under "Deductions & Credits") the program will determine the taxable portion.
You do not need to adjust the 1098-T.
Be sure to add other expenses, such as books and supplies, which may not be included on the 1098-T.
The TurboTax program gives you different screens to enter the different expenses which are not on the 1098-T.
Pub 970
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