1098-T box 1 blank, college not helping

Forum|Forum|2 years ago
February 5, 2024
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Hello all, I need help with my 1098-T. I have called my school and looked at tons of posts on this forum from other years but am still confused. I will post as much information as I can.

This is my first time filing independently. I graduated in May of 2023. I have since been working full time. I was present all 4 years. My last semester was Spring of 2023. On my 2023 1098-T form, my box 1 is blank. My scholarship, $2000, is in box 5. However, I know that my scholarship didn't cover near what was necessary and paid out of pocket and with loans. Herein lies the issue.

On my student account portal, I see the charges here:

TUITION & FEES 5282 - DATE 12/1/22

ROOM & BOARD 4716 - DATE 12/2/22

(my payment) 3848.18 - DATE 1/3/23

Loans 3711 - DATE 1/9/23

(my payment) 6.82 - DATE 1/9/23

SCHOLARSHIP: 2000 - DATE: 4/19/23

As you can see, the charges were POSTED in 2022. I PAID in 2023.

NOTE: My school does everything by account balance and not individual expense I believe. Meaning I am not paying specifically tuition or room and board, and my scholarship is not SPECIFICALLY for tuition or room and board. They told me my scholarship is a credit on the account and again not specifically for room and board or tuition.

My school is telling me that even though the CHARGES were in 2022, and I paid in 2023, those payments are being applied to the 2022 amount and therefore this is why I have nothing in my 2023 1098-T box 1. When I protested and said what I am PAYING in 2023 isn't being reported correctly because I think this is what should be in box 1, they repeated themselves.

I am confused and frustrated. Either my school is screwing me and not reporting the amount I paid, or the IRS is screwing me because of how it is reported. Neither is surprising. I just need help because I would really like to not owe taxes on a NEED BASED scholarship. But I also don't want to screw up and get audited.

I am grateful for any responses. Thank you so much.

Not A Product Question

Hal_Al

Employee

Q. 1098-T box 1 blank, college not helping?

A. based on multiple posts, in this forum, you're not gonna convince the school they're wrong. You just have to deal with it.

The good news is that is easy. And based on your description, you would be correct to do so.

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 2023 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.

indycarfanAuthor

Thank you @Hal_Al. Just to confirm, when you say "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 2023 expenses".".

This only includes the $ amount I paid for tuition, correct? Not for room and board. The issue is that I have no way of knowing what of my money went to tuition, and what went to room and board. Same for the money in the scholarship.

Additionally, this does not include what the student loans paid correct? Meaning in this example, I should ignore those.

Hal_Al

Employee

What are you trying to accomplish? Claim a tuition credit? Determine the taxable amount of your scholarship? Both? Something else?

Q. This only includes the $ amount I paid for tuition, correct? Not for room and board.

A. Yes. R&B are never included in box 1 (yes, schools occasionally put R&B in box 1 by mistake)

Q. The issue is that I have no way of knowing what of my money went to tuition, and what went to room and board (R&B). Same for the money in the scholarship?

A. You should have statements from the school for these. But, you don't need to know where what money went, you only need to that expenses were paid.

Q. Additionally, this does not include what the student loans paid correct?

A. You don't care what the student loans paid. All you care about is allocating expenses to scholarships or not scholarship.

Q. Meaning in this example, I should ignore those (loans)?

A. I'm not seeing an example. Loan money is considered your money. Anything paid by loans is considered paid by you.

But you don't need to know what money paid what expenses (unless some of the scholarship is "restricted"). For tax purposes, you are allowed to allocate the expenses where needed.

So, for specific, help I need to know how much was paid for tuition, fees, books and other course materials in 2023 and the amount of the 2023 scholarship. Don't need R&B numbers, loan numbers or what you paid.