1098-T Billed in Prior Year

Forum|Forum|5 years ago
January 25, 2021
1 reply
0 views

Hi, I am working on filing my 2020 taxes. I graduated from full-time graduate school May 2020. On my 2020 1098-T, there is no number in Box 1. The school said the reason for this is because Spring 2020 tuition was billed and due in December of 2019.

However, financial aid is still reported in Box 5 because Spring 2020 financial aid was disbursed in January 2020.

How do I address this when filing my 2020 taxes? It seems as if I put $0 for Box 1, I will end up owing taxes on all of the financial aid because it looks like the financial aid was not used for Spring 2020 tuition.

Not A Product Question

Best answer by RayW7

The amount used for claiming education are qualified education expenses you actually paid to the school in 2019 which should be shown in box 1.

If your box 1 does not show the correct amount paid, when filling out your form 1098-T in TurboTax, leave it blank on the entry screen.

Under box 1, on the 1098-T screen is a blue link: What if this is not what (student name) paid to this school? Click on that and you will be given a chance to enter what was actually paid in 2020.