My son's 2023 1098-T form from college:
box 1 - $51,908.
box 5 - $63,487.
box 5 total (scholarships for 3 terms) (winter=$20, 089 + spring=$20,089 + fall=$23309)
(2 out of pocket payments) = $9,918.52 (spring $4864 + fall $5054.52)
fed direct unsub loans = (winter$1814+spring$1815)
His student account shows Detail of current Payments Received = $77,034.52.
$1,814.00 loan
$20,089.00 scholarship
$21,903.00
Spring payment March 2023
$4,864.00 out of pocket
$1,815.00 loan
$20,089.00 scholarship
$26,768.00
Fall Payments August 2023
$5,054.52 out of pocket
$23,309.00 scholarship
$28,363.52
I really need to know what to do with all this on my taxes. Why do box 1 and what was paid not equal? He also doesn't have much expense other than a few books. Out of pocket was paid after loans and scholarships were applied.
