Hi,
I am filling my taxes. If I do need to report the 1098-T, I’m a bit confused about Box 1 and Box 5. I’m filing my taxes through TurboTax, and I read that if Box 5 exceeds Box 1, the difference may need to be reported as taxable income.
My question is about how to handle this in TurboTax. It asks me two things:
“This is not what (me) paid to this school.” I’m not sure whether I should check this box, since I didn’t pay out of pocket—everything is managed by the university, and I only receive a payslip.
When I check that box, it then asks me to “Enter the full amount of tuition paid to Georgetown University. Include all amounts paid by me, someone else, scholarships, fellowships, and student loans.” I’m not sure if this is the right step or what amount I should enter there.
I’d really appreciate your help in clarifying this!
Thank you.
