Skip to main content
January 31, 2024
Question

1098-t not showing years expenses

  • January 31, 2024
  • 1 reply
  • 0 views

I got my 1098-t from my school. It shows the grants I paid for 2023 in box 5, but not the 3k and some I paid in tuition in box 1.  It was a spring semester and my last. Is this an error on their part or is there some issue I don't understand at play?

1 reply

Hal_Al
Employee
January 31, 2024

If you paid for the Spring 2023 term in December 2022, what you paid would have been reported on your 2022 form 1098-T.  Mismatched years for  tuition and scholarships, on the 1098-T is a common problem.

 

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.