Education

Yes, for 2024, my 1098-T has the following: 

 

Box 1      20,000

Box 5      81,000

Box 4       4,200

 

Box 1 refers to the tuition paid in 2024. However, part of the scholarship funds reported in Box 5 were used to pay my tuition from 2023, another $20,000. So, a total of $40,000 went directly toward tuition from the $80,000 reported in Box 5. 

 

I don't know what the $4,200 adjustment was for. My financial aid office said they can't tell me details on how it is calculated. 

 

I claimed Lifetime Learning credits in 2023. 

 

Thank you for your help!