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Kris03
February 13, 2025
Question

1098t

  • February 13, 2025
  • 1 reply
  • 0 views

Was any of your financial aid already included as income what does this mean?

    1 reply

    KrisD15
    KrisD15
    February 13, 2025

    It means that the program is asking if the amount in Box 5 of the 1098-T (scholarships) was ALSO already entered, such as on a W-2 or 1099.

     

    Sometimes, but not often, an employer will send funds (Scholarship) to the school (so it will show in Box 5), but then also list the same amount on the employee's W-2.  Some sponsors will pay the school (Box 5) and also send the student Form 1099-MISC. 

     

    It is asking if you are entering the same amount twice.

     

    It doesn't happen often. 

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