1098-t

[Cecilia_17am]

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. 

[ThomasM125]

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.

[Cecilia_17am]

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.

[MinhT1]

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

1. Open your tax return
2. Click on Federal in the left panel then Deductions & Credits
3. Navigate to the list of Deductions and Credits
4. Select Start next to Expenses and Scholarships (Form 1098-T) 
5. 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. 
6. Continue the interview and after a few screens, answer Yes on the page Did you get a 1098-T for the year 2024?