Hi! Hoping you can help as my question is very similar and having difficulty trying to decipher all the info.
My son's 1098T is-
Box 1-$24,435
Box 5-$37,746
To use the "loophole" that you're describing would I just add the excess/difference of $13,311 as taxable income on my son's income tax return and then mark the option that we used a portion of the scholarships/grants for non-qualified expenses (room and board)? He has no other income.
Thank you for any info you might be able to provide!
