1098T amount paid

Following the input of the 1098T information, a Turbo Tax screen showed asking me to 'Verify Amounts Paid to...."

My 1098T Box 1 is blank, do I just input the amount of money that was paid to the school for all qualified tuition? If so, then can the amount exceed the amount that is reported as 'billed' from Box 2 of the 1098T? The amount the university recieved in 2010 for tuition related expenses far exceeds the amount billed.
  • Just about every post-secondary institution's software reports 1098-T information by amounts billed so box 1 is left blank. And the amount paid is often more than what was billed. After entering in the 1098-T information, you will come to a screen asking you to enter and addtional expenses. This is where you enter in the difference. Be sure not to include the cost of books/supplies in the difference. There is a separate box for you to enter those amounts if you qualify for the American Opportunity Credit.
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Just about every post-secondary institution's software reports 1098-T information by amounts billed so box 1 is left blank. And the amount paid is often more than what was billed. After entering in the 1098-T information, you will come to a screen asking you to enter and addtional expenses. This is where you enter in the difference. Be sure not to include the cost of books/supplies in the difference. There is a separate box for you to enter those amounts if you qualify for the American Opportunity Credit.
  • So was jra4005's answer "yes" to your question of "do I just input the amount of money that was paid to the school for all qualified tuition"?
  • The question remains unanswered. jra4005 did not address that question and the screen he speaks of is different than the one to which I am referring.
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Not sure how this was not answered. On the screen where you enter the 1098-T information, enter everything exactly as it is shown on your form. Then later on when you are asked of any additional amount paid, enter the difference there.
  • My 1098T has amounts entered in Box 2, 4, and 5. All my qualified tuiton/expenses for my graduate studies are paid by my department. I receive no money from scholarships/grants. I qualify for the Lifetime Learning Credit , and have for several years. This years 1098T reports a higher amount recieved by my school from scholarships/grants than what was billed making it appear that I have recieved income. This is due to an error corrected in January 2011. This will all be corrected in next years 1098T, but for this year it is creating problems.

    After following Turbo Tax prompts and entering in my 1098T information the next screen states:

                               Verify Amounts Paid to XXXXX University
                                       Out of the $XX, XXX that was billed byXXXXX University, how much of this was actually paid to the school (including scholarships, fellowships or grants)?

    The further explanation box  for what is meant by "paid" states:
     
                                  Amount from 1098-T, Box 2 that was actually paid to school

                                                  Box 2 on a 1098-T
                                                  Box 2 on a 1098-T is the amount that the school billed you, it's not necessarily what they received as payment from you or a lender. Check any student account statements or bank statements for amounts paid to your school if you're unsure.

    My questions are as follows:

    1.  What is the difference between what Turbo Tax is calling the amount paid to the university and what would be entered in Box 1 of a 1098T if that box was filled-in by the university?

    2.  If the amount paid to the school is larger than the amount billed (Box 2, 1098T), can I enter in a larger amount? I ask this because the Turbo Tax question is how much of the Box 2 amount was paid to the university?
  • I receive finacial aid and receive a 1098-T; however, I have not actually paid any money out of pocket. When Turbo Tax calculates the return, it adds an additional amount to my return eventhough I have paid nothing (other than books). Is that correct?
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