topic Re: 1098-t in Get your taxes done using TurboTax

1098-t

Cecilia_17am — Tue, 11 Mar 2025 23:31:13 GMT

Hello,

I filed my 2024 taxes already, but I just received my 1098-t from my school. The value in box 5 is higher than box 1. What do I need to do in order to avoid a penalty from the remaining amount since I read that it's considered taxable income.

Re: 1098-t

ThomasM125 — Tue, 11 Mar 2025 23:37:18 GMT

You need to wait until your tax return is processed and you receive your refund if applicable, then file an amended return to include the Form 1098-T. You will see an option for that when you log into your TurboTax program.

Re: 1098-t

Cecilia_17am — Wed, 12 Mar 2025 02:25:00 GMT

Will it ask me to enter the form, because I attempted to amend it but it doesn't ask for it. Or is there a specific section I need to go to and enter the information on the 1098-t.

Re: 1098-t

MinhT1 — Wed, 12 Mar 2025 12:50:27 GMT

To enter your form 1098-T in TurboTax Online, follow these steps:

Open your tax return
Click on Federal in the left panel then Deductions & Credits
Navigate to the list of Deductions and Credits
Select Start next to Expenses and Scholarships (Form 1098-T)
On the next page, choose the Student from the list of family members. Or if the student has already been added, click on Edit next to the name of the student.
Continue the interview and after a few screens, answer Yes on the page Did you get a 1098-T for the year 2024?