I am having a problem with TT's calculation of AGI, based on my 1098-T. Box 1:64549.Box 4:13008.Box 5:133710.Box 6:25620. The AGI should be 56549; TT shows 43541. Why?

[cmlgreil]

Boxes 4 and 6 correctly show stipend for 2023-net 12612. Everything seems fine with the 1098-T data but why is TT showing 13008 lower? Looks like a problem with box 4 info?

[ThomasM125]

The issue is with the amount listed in box 4. It represents either a reduction or increase in education expenses reported in a previous year. You will need to find out what the adjustment was and look at your tax return for the year it applies to to determine if it would effect the taxes or education credit in that year. If so, you would need to amend the return in the prior year to report the correct education expense. It will not affect the current year.  

[cmlgreil]

Thank you for the reply.  I think the numbers are correct.  Box 4 represents the exact number that was in Box 1 for 2023, and box 6 represents the exact number that was in box 5 for 2023.  The value of the stipend for 2024 should be equal to the total thru 2024 - the total received in 2023.  That is, (Box 5 - Box 6) - (Box 1 - Box 4).  

TurboTax seems to be missing the value in Box 4, so it is underreporting the stipend value received in 2024 by 13,008.  

Is there a way to fix this?  

[cmlgreil]

I just called TT.  They told me to put the net amounts in boxes 1 and 5 and to not put any data in boxes 4 and 6. 

Adjusted box 1 is reported box 1 - reported box 4.

Adjusted box 5 is reported box 5 - reported box 6.

That has cleared up the issue.  Thanks again for your help.

[BrittanyS]

Box 4 shows any adjustment made for a prior year for qualified tuition and related expenses that were reported on a prior year Form 1098-T.  This amount may reduce any allowable education credit that you claimed for the prior year not the current year.  If amount was reported correctly on your 2023 return, it would not affect your 2024 return.

@cmlgreil