1098-T 2021

[mattp773]

The paid amount (box 1) on my 1098-T only shows the total for one semester (Fall 2021), but the financial aid value (box 5) shows the total for 2 semesters (both Spring 2021 and Fall 2021). This is an unfortunate consequence of my university's payment schedule and they assure me that the information is correct. The problem is that this results in a much higher perceived income than what I actually received from excess scholarships (around $10000 instead of the ~$1500 that I actually received). This puts my total income higher than the standard deduction and, therefore, I now owe money in taxes rather than getting a refund. Is there any way I can fix this or report this in a way that won't cause me to lose money?

[MinhT1]

If you did pay tuition for the spring semester but your school did not report it on form 1098-T then you can correct the amount of tuition paid.

If box 1 of your form 1098-T does not show the correct amount paid, when filling out your form 1098-T in TurboTax, just enter the amount in box 1 of your form 1098-T on the entry screen.

Under box 1, on the 1098-T screen is a radio button: This is not what (student name) paid to this school. Click on that and you will be given a chance to enter what was actually paid in 2021.

[mattp773]

I did pay tuition for Spring 2021 but my university says it was included on my 2020 1098-T because it was billed in December 2020. So technically the only semester that was paid in 2021 was Fall 2021. However, the financial aid is somehow independent of this billing cycle and it represents both Spring and Fall semesters.

[ThomasM125]

You should report the amount you actually paid for education tuition and expenses in 2021 regardless of what is reported on the form 1098-T. As mentioned by @MinhT1, there is a way to do this in TurboTax when you enter your form 1098-T.