Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
Goldenhoney
Level 2

Question about 1098t Form

  • I just accessed my 1098t form and boxes 1 and 2 are empty, but box 5 shows my scholarship/grants received.

I graduated this May but I was enrolled in university for at least 5 months this year as a full time student. I was not billed for that semester (Spring 2019) last year as box 7 is not checked on last year’s 1098t. I’m not sure how to file this. My tuition for the semester actually cost $4,500. 
A breakdown on my school account clearly states the “details of payments received” and lists my tuition expenses for the semester, so I’m not sure why the form is blank. 

11 Replies
JulieS
Expert Alumni

Question about 1098t Form

This happens sometimes. If your tuition for the spring term was billed and/ or paid at the end of 2018, the amount was on your 2018 1098-T form.

 

Scholarships and grants come through later in the term, typically in January or February. It isn't noticeable while you are still going to school, but in that last term, you can have scholarships with no offsetting tuition. 

 

If you have expenses for books and supplies that will reduce the amount of taxable scholarship. I think you should do a little research just to verify that this form is accurate before you file it. 

 

As far as entering the information in Turbo Tax, you do it the same as always, work through the education section in Turbo Tax. Enter your 1098-T form as it is. It will increase your taxable income, if you don't have enough education expense to offset it. 

  1. Search for "1098-T" using the search box located in the upper right corner .
  2. Click on Go to 1098-T.
  3. Answer Yes to the next two questions.
  4. The next page will provide instructions for uploading your 1098-T form.

Be sure to answer all of the follow up questions in this section to reduce your tax as much as possible.

 

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Goldenhoney
Level 2

Question about 1098t Form

So I pulled my 2018 1098 t information and I was billed for the Spring 2019 semester that year(2018), but  no payments were made until this year(2019). My scholarships (state funded) and pell grant went to my tuition and I received a little refund.  I’m just confused because I’ve never been in a situation where I’d have to pay taxes on my grants? So basically I will not be able to receive the education credit this year? 

Goldenhoney
Level 2

Question about 1098t Form

So I pulled my 2018 1098 t information and I was billed for the Spring 2019 semester that year(2018), but  no payments were made until this year(2019). My scholarships (state funded) and pell grant went to my tuition and I received a little refund.  I’m just confused because I’ve never been in a situation where I’d have to pay taxes on my grants? So basically I will not be able to receive the education credit this year? 

AmyC
Expert Alumni

Question about 1098t Form

If you actually paid the tuition in January for the spring semester, you can enter it under other expenses paid to the college. If you claimed it on your 2018 return, you will not be able to claim it on 2019.

 

Scholarships can be taxable income, you are looking at some income for 2019. Whether it is a little or a lot is the question depending on your 2018 return. What did you claim?

 

If you did not file the spring semester on your 2018 return, you can claim it on 2019.

 

You have two options for the scholarship. You can claim it went to room and board and other college expenses besides tuition.Then use your tuition money to create the education credit UNLESS you have already used it 4 times, which is the maximum. If you used it your freshmen semester, you will not qualify.

 

Option 2: subtract the tuition from the scholarship and count just that part as income, no education credit.

 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Goldenhoney
Level 2

Question about 1098t Form

Okay it’s starting to somewhat make sense. This is just very confusing. I am 100% certain the tuition for the spring semester was paid last year, not 2018 and was not filed. 
I’m married this year so will be filing jointly with my spouse. My mom filed my 1098 t forms the past 2 or 3 years but freshman year we did not receive an education credit. 

KrisD15
Expert Alumni

Question about 1098t Form

If the scholarship posted in 2019, there needs to be something in Box 1 or Box 2. If not, the school is saying that you got a scholarship, the school did not bill you and did not get paid for any classes, so the only thing that could have happened is that you got the scholarship, which makes it taxable to you. 

 

If this is not what happened, you need to contact the school and have them correct the 1098-T. 

 

The credit can be taken 4 times PER student. So you must count the times your mom took the credit against that four. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Goldenhoney
Level 2

Question about 1098t Form

Yes I am starting to believe this is a mistake on my school’s end. Under my 1098t form in the details section on my student account it clearly states that they received a $4600 payment for tuition in 2019, however this is not reflected on the form itself. It states the amount billed was $0 (because it was billed in 2018), but the $4600 payment was made in 2019 for sure.

I believe this is the last year I am able to claim the credit. 

KrisD15
Expert Alumni

Question about 1098t Form

The IRS mandated that schools switch and report Box 1 back in 2016. 

You can enter the 1098-T and under Box 1 there is a button for "What if this is not what I paid" on the screen 

Click that and enter the amount that was paid to the school, keep a copy of the school online statement with your tax file as proof. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Goldenhoney
Level 2

Question about 1098t Form

That’s perfect! Great to know. I already contacted my school to see if I can have it corrected. If I can’t get it resolved that way I will select that option when doing taxes. Thanks!

cannonwilliams
Level 2

Question about 1098t Form

This post is almost identical to my current situation. Kris, do you mind taking a look and letting me know if you would give me the same advice?

 

https://ttlc.intuit.com/community/college-education/discussion/re-1098-t-when-tuition-charged-vs-whe...

KrisD15
Expert Alumni

Question about 1098t Form

@cannonwilliams

 

Yes, definitely. 

Your school is wrong. They are mandated to report what was paid, not what was billed. 

 

Box 1 is what was paid in the tax year. If you paid in 2019, but the school did not report that in Box 1 of the 1098-T, you can use the link on the 1098-T screen and entered what was paid. (see screenshot posted above in thread)

Be sure to keep a copy of the statement that shows the payment was posted in 2019. 

Be sure to keep this copy with your tax file. 

 

According to the IRS:

“Box 1. Payments Received for Qualified Tuition and Related Expenses Enter the total amount of payments received for qualified tuition and related expenses from all sources during the calendar year. The amount reported is the total amount of payments received less any reimbursements or refunds made during the calendar year that relate to the payments received for qualified tuition and related expenses during the same calendar year. The amount reported is not reduced by scholarships and grants reported in box 5. Include in this box the receipt of a payment of past-due qualified tuition or related expenses from a previous calendar year, but only if the educational institution previously billed the student for such amount(s).

Box 2. Reserved This box is reserved for future use.”

1098-T instructions

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Privacy Settings
v