No. the amount in box 1 of that 1098-T is what the college received from *ALL* sources (your pocket, scholarships, grants, etc.) in 2018. The amount in box 5 is all monies received by the college from all sources on your behalf, in 2018.
Remember, colleges work in academic years, and the IRS does not. So the reality is, it takes you 5 calendar years to get that 4 year degree. With that said:
- Qualified education expenses are claimed/reported in the tax year they are actually paid. If flat out does not matter what year is paid *for*.
- Scholarships, grants, 529 funds are claimed as taxable income (initially) in the tax year they are received. It does not matter what year that schoarlship, grant or 529 distribution is *for*.
An expanded version of all the college stuff is in the answer box below. It only matters to you if you were under the age of 24 on Dec 31 of the tax year.
