Confusing/Incorrect 1098-T

Forum|Forum|5 years ago
February 7, 2021
1 reply
0 views

1098-T 2020 Form

For the last week or so I've been going back and forth with my school's 1098-T "expert" about some discrepancies on my form. The expert said that only Fall 2020 was counted on my 2020 1098-T. My 1098-T form is only showing tuition and payments (box 1) for fall 2020, leaving out spring 2020. However, in box 5, the scholarships & grants box, the form is including both fall 2020 and spring 2020 scholarships and grants. Spring 2020 scholarships & grants should have already been accounted for on my 2019 1098-T (due to the way college bills in advance), so I'm confused.

Also, there's some adjustment listed on my form due to a dropped course before the spring 2020 semester even started (the school bills in advance).

Note:

-Fall 2020 was my last semester, apparently the only semester's tuition being counted on the form

-I was enrolled all 2020 as well

Here is my 2020 1098-T. Box 1 is correct, $5,640, that was my total tuition for fall 2020 (spring 2020 tuition not included I guess). Box 5 is incorrect. In fall 2020 I had a total of $4,423 in scholarships and grants (Pell+another grant+scholarship).

Fall 2020 loan amount was $2,721, though I'm not sure where it's being accounted for.

How am I supposed to report the correct amounts on my tax return?

Thanks in advance.

Not A Product Question

KrisD15

Enter the 1098-T into the TurboTax program.

Go through the ENTIRE interview.

You may need to revisit the section by clicking Edit next to the student's name.

You will find a screen to make the adjustment.

If you find the screen AFTER you click "Maximize my Tax Break" you'll need to go through the interview all over again and again clink "Maximize My Tax Break" so that the TurboTax program makes the calculation with accounting for the adjustment.

It takes time and patience, but the TurboTax program covers almost all situations with the 1098-T.