Hello all,
I received a 1098-T from my educational intuition that listed the entire amount of the 2023-2024 school year grants and scholarships.
This means, that included in this amount is a refund I received on January 2nd, 2024, but it seems my school has listed in on my 2023 1098-T.
I always claim my school refunds as income, but in the last three years have never encountered a school listing an amount paid in one year on the year's prior 1098-T (this is my first year with this school).
So, I don't want there to be a discrepancy between my 1098-T and my tax return, but I also don't want to be double taxed come next year, or worse, audited.
Any advice on the best course of action?
Enter the amounts just as they are presented on the 1098. A lot of businesses pay amounts out on the last few days of the year to reduce taxable income even though the people who receive that money won't get it until the new year. Everything will be fine as long as they don't issue you a 1098 for next year that has the same refund on it.