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Actually, you're correct.  The prior year information should just carry over here.  I'm hot sure what has caused it to not.  But, on the upside, this has no effect on your ability to file your tax return for this year.

I am also having the same issue with my Fidelity 1099's that show National Financial Services as the Payee on my forms.  I access my Fidelity account via Fidelity's website, not through National Financial Services or Wealth Scape.  When I proceeded when I entered National Financial Services as the Payee in Turbo Tax, it then brought me to a site where it asked me for my WealthScape Investor ID.  I tried my Fidelity User ID and Password but the site told me it was incorrect.  I also tried entering Fidelity as my Payee in Turbo Tax, brought me to a Fidelity site, I entered my User ID and PW, then a message popped up that said tax forms found, return to Turbo Tax, but that didn't work either, nothing came through. What do I do now?  How do I transfer these 1099's into Turbo Tax?

There is a tax “loop hole” available to claim an education credit, for the parents of students on scholarship. The student reports all his scholarship, up to the amount needed to claim the American Opportunity Credit (AOC), as income on his return. That way, the parents  (or himself, if he is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship.  You cannot do this  if the conditions of the grant are that it be used to pay for qualified expenses. Using an example: Student has $10,000 in box 5 of the 1098-T and $8000 in box 1. At first glance he/she has $2000 of taxable income and nobody can claim the American opportunity credit. But if she reports $6000 as income on her return, the parents can claim $4000 of qualified expenses on their return. Books and computers are also qualifying expenses for the AOC. So, extending the example, the student had another $1000 in expenses for those course materials, paid out of pocket. She would only need to report $5000 of taxable scholarship income, instead of $6000. The IRS actually encourages use of this technique. From the form 1040 instructions: “You may be able to increase an education credit if the student chooses to include all or part of a Pell grant or certain other scholarships or fellowships in income. For more information, see Pub. 970, the instructions for Form 1040 and IRS.gov/EdCredit".  PUB 970 even has examples of how to do the “loop hole”.   For purposes of the loop hole, tax free employer assistance (the $5250) cannot be treated as "scholarship".  That is, it is considered restricted and must be applied/allocated to tuition. 

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.

CatinaT1 - I appreciate the additional context. I was trying to find what had actually changed in the 2025 code that would impact these specific items and it seemed there was a fair amount related to first year deductions and the overall amount in general. Thank you for sharing this information and transparency with the update.

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.

The work on this section of TurboTax is continuing and expected to be completed with an update coming after Thursday night (2/19).  The best time to check for a change will be Friday (2/20).   Just a point of clarification, the IRS did not finalize this form until Feb 11, 2026. You can see this here: IRS Draft Tax Forms, Instructions for Form 4562, Depreciation and Amortization (Including Information on Listed Property).   Once a form is finalized by the IRS, it has to be coded into the special language the software uses and has to be thoroughly tested for calculations and e-filing acceptability. The IRS then has to approve it for e-file. It always takes a little longer for a form to become available for e-file in a software program. The dates are subject to change due to all that needs to be done.