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1098-T
Is box 1 of 10989-T supposed to include scholarships and grants from box 5? One of my son's schools does and the other does not. The past two years after entering 1098-T and 1099-Q info, there was no taxable amount to recipient. This year when I go through the education part, TT reports a taxable amount in both the distribution where the recipient is designated beneficiary as well distribution to me (repayment for living expenses, books). When I look at box 1 of 1098-T it is 11k less than last year while the expenses and charges were pretty similar. I emailed them and was told box 1 does not include scholarships. If I add scholarships into box 1 then no taxes are owed but I am not sure if I should do this. Thoughts? Thanks.
March 30, 2023
12:52 PM