Can I still qualify for an education credit?

Forum|Forum|5 years ago
March 16, 2021
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I took the spring 2021 semester off. My 1098-T Box 1 is including payments made for fall 2020 and spring 2021, which is my regular semester tuition and then $0 respectively (box 7 is checked off). But Box 5 is including scholarships from spring 2020 and fall 2020. So to put it simply my scholarship amount is well over how much I paid in tuition. Because of this I can no longer qualify for any education tax credit. Is it possible to say in my taxes that this was not the correct amount that I paid to my college and correct it by unclicking box 7 and including the tuition I paid for spring 2020 and fall 2020 to align it with my scholarships? Or is there another solution to allow me to claim an education tax credit?

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KrisD15

It shouldn't happen this way since Box 1 is what was paid to the school in 2020.

If the scholarship in box 5 posted in 2020, that amount should also be in box 1.

If the school reported the 1098-T incorrectly, and the scholarship posted in Box 5 was reported by the school on a 1098-T for a previous year, report the scholarship as aid for a different year.

You'll need to make sure the expenses the scholarship did pay were not used for a credit on your 2019 tax year return.

Keep a copy of the student school account statements with your tax file.