Question

1098T form regarding scholarships and grants recieved

Forum|Forum|7 years ago
June 3, 2019
1 reply
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The amount recorded by my university in box 5 of form 1098T is higher than the scholarships and grants that I actually received in 2016, by about five thousand dollars. Why is this amount so high and does this impact my refund? What should I do about this?

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S

ShawnaD

Employee

From TurboTaxDeanaH: The amount you received as a Scholarship or Grant is reported in Box 5 on Form 1098-T. If this amount exceeds your eligible education expenses in Box 1 or 2 on Form 1098-T, the excess scholarship or grant is treated as income for tax purposes and will be added to line 7 on your 1040/1040A (or line 1 on your 1040EZ).

It may be a situation in which the billing perhaps has crossed into a different fiscal year, in which the actual tuition is for one year but the payment for the tuition was made in the next year.

If you feel your 1098-T information is incorrect, you will need to contact the school and determine the correct amount that should have been billed. If there is an error they can issue a corrected form for you.