1098-T

[philipsutter]

My 1098-T Box 5 $44,999 exceeds Box 1 $23,099.  Note, I am ineligible for the American Opportunity Credit (taken 4 times).  If I enter the amounts as is, the tax owed amount goes way up.  Based on the detail provided by the school for Box 5, the scholarship/fellowship includes the $12,500 I received directly as a stipend, but it also includes other fees, tuition, and health insurance amounts that I did not receive directly ($32,499).  Therefore, should I adjust the box below Box 1 in Turbo Tax to reflect these other amounts ($23,099 + $32,499 = $55,598).  Alternatively, should I adjust it, but exclude the health insurance amounts?

[KrisD15]

No, Box 1 only reports tuition and fees. 

Box 5 reports the scholarships that went to the school in your name. 

If the scholarship amount was 44,999 and tuition was 23,090, that leaves a difference of 21,909.

You say you received 12,500 as a stipend (taxable income) which leaves 9,409. 

Where did the 9,409 go? If it paid your health insurance, that is also taxable. 

If it paid for things like books and/or supplies, it would not be taxable.

That is what the 1098-T is reporting to the TurboTax program. There is no reason to edit the 1098-T unless something else happened. 

Look over your school account records to see where the money went. What ever did not go to pay Tuition, Fees, Books, and Supplies is taxable income you must claim on your federal return.