1098 t

Forum|Forum|3 years ago
March 23, 2023
1 reply
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I HAVE A SCHOLARSHIP AMOUNT IN BOX 5 BUT NOTHING IN BOX 1, MY SUPPLEMENTAL INFORMATION RIGHT UNDER TAX REPORT DESCRIPTION TOTAL, SHOWS QUALIFIED CHARGES BILLED ARE THE SAME AMOUNT OF MONEY THAT IS IN BOX 5 BUT I HAVE NOTHING IN BOX 1 WHAT SHOULD I DO IN THIS CASE? SHOULD I ADD MY QUALIFIED CHARGES BILL ON THE NUMBER 1BOX EVEN DO IS NOT REPORTED IN MY 1098 FORM

MonikaK1

When you enter the information from Form 1098-T in TurboTax, leave Box 1 empty if there is no entry on your form. Underneath the Box 1 entry field, click on the radio button next to "This is not what (name) paid to the school". Another field will open up where you can enter the amount actually paid.

If you believe that any of the numbers on your Form 1098-T are incorrect, you should contact the school as soon as possible for an explanation. If you file your return with entries that don't match the form that was filed with the IRS by the school, and you claim an education credit based on mismatched entries, you could receive an IRS notice proposing to disallow or adjust your credit.

Please see this TurboTax tips article for more information on Form 1098-T.

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Hal_Al

Employee

The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or possibly your student has taxable scholarship income.

If you claim the tuition credit, you do need to report that you got one or that you qualify for an exception (the TurboTax interview will handle this)

You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. In the 1098-T screen, click on the link "What if this is not what I paid the school" underneath box 1. You will then be able to enter the actual amounts paid. You will also reach a screen that allows you to adjust the scholarship amount for "amounts not awarded for 2022 expenses".

Or if you find it easier, just change the numbers in boxes 1& 5 to what your records show. The 1098-T that you enter in TT is not sent to the IRS.