Hello all, I need help with my 1098-T. I have called my school and looked at tons of posts on this forum from other years but am still confused. I will post as much information as I can.
This is my first time filing independently. I graduated in May of 2023. I have since been working full time. I was present all 4 years. My last semester was Spring of 2023. On my 2023 1098-T form, my box 1 is blank. My scholarship, $2000, is in box 5. However, I know that my scholarship didn't cover near what was necessary and paid out of pocket and with loans. Herein lies the issue.
On my student account portal, I see the charges here:
TUITION & FEES 5282 - DATE 12/1/22
ROOM & BOARD 4716 - DATE 12/2/22
(my payment) 3848.18 - DATE 1/3/23
Loans 3711 - DATE 1/9/23
(my payment) 6.82 - DATE 1/9/23
SCHOLARSHIP: 2000 - DATE: 4/19/23
As you can see, the charges were POSTED in 2022. I PAID in 2023.
NOTE: My school does everything by account balance and not individual expense I believe. Meaning I am not paying specifically tuition or room and board, and my scholarship is not SPECIFICALLY for tuition or room and board. They told me my scholarship is a credit on the account and again not specifically for room and board or tuition.
My school is telling me that even though the CHARGES were in 2022, and I paid in 2023, those payments are being applied to the 2022 amount and therefore this is why I have nothing in my 2023 1098-T box 1. When I protested and said what I am PAYING in 2023 isn't being reported correctly because I think this is what should be in box 1, they repeated themselves.
I am confused and frustrated. Either my school is screwing me and not reporting the amount I paid, or the IRS is screwing me because of how it is reported. Neither is surprising. I just need help because I would really like to not owe taxes on a NEED BASED scholarship. But I also don't want to screw up and get audited.
I am grateful for any responses. Thank you so much.
