Hello,
My son graduated school in may of 2023. Any payment and charges were payable in December 2022 for the the final Spring 2023 semester.
I received our 2023 1098-t with a zero balance in box 1 because any activity that was placed in the account was in December 2022 and then in box 5 there was the grant figure (pretty large). It makes it seem as though he was given cash and he needs to pay taxes on all of box 5.
I understand that financial aid which exceeds education expenses (Tuition, Books & Supplies) is taxable income.
That number should be approximately $5K. I want to add that to my son's taxes since he has been working since July and will be filing a tax return.
What form do I use in turbo tax to include that in his taxes.
If I'm forced to use the 1098t form in turbo tax what do I do?
Thanks, btw your responses from last year helped alot
