form 1098-T

Forum|Forum|3 years ago
March 4, 2023
1 reply
7 views

Box 5 on my 1098-T is larger than amount in box1but I never personally received any funds.

Why do have to pay taxes on the excess?

ErnieS0

Level 15

If the funds went directly to your college or university to pay for educational expenses, it means you did not have to pay those costs, so it counts as being received by you.

You do not have to receive cash or a check.

Contact you school if you believe your Form 1098-T is wrong.

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Carl

Level 11

If the school held back the excess to apply to your 2023 college expenses, that's why you did not receive a check. I do believe there's a selection in the program where you can indicate the school held back and applied the excess money to 2023 qualified education expenses. Assuming of course, that's what happened. Contact the school's BUSAR to get the facts on that.