1098 T
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Pazoema
Returning Member

1098 T

I have the following case. University student of a Master's degree registered full time and working as a professor's assistant at the same university. He received a W2 for 12,000 and a 1098 T which in box # 1. 7,300 and box # 5. 16,900. The taxes are presented as single. The difference between boxes 1 and 5 generates a taxable income of 9,600. The type of work contract that you have with the university, would be used to also help defray part of the university costs, so that in the W2 you could have received payments with the reported scholarship in box # 5 and that would already be included in the value of 16,900. Is there a way to reduce the value of the scholarships received to lower income and therefore reduce the taxes to be paid? Can you help me clarify this matter? Thanks.

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