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Does the 1098-T stay a semester behind?

Forum|Forum|7 years ago
June 1, 2019
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I have a question. This is my first year using a 1098-T. In box 2 it has my tuition for my fall 2016 and spring 2017 semester. Box 5 only has the scholarship amount for the fall semester. Also, box 7 is checked. Now, everything I have read says to reduce box 2 to only include the fall semester and add spring to my 2017 taxes (that will be done in 2018) but according to the 1098-T publication by the IRS, it says the amount for spring can be claimed for the previous year if it's credited within 3 months of the calendar year. Can someone explain this better as to what I should do?

TurboTax Home & Biz Windows

Best answer by Patrice11

Yes, this is very normal.

The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Depending on the Institution, they may report the billed amount (Box 2). Therefore, payments received (Box 1) will be blank.

In TurboTax, you should enter the information from the 1098-T exactly as printed.

P

Patrice11Answer

Employee

Yes, this is very normal.

The IRS instructs institutions to report either payments received (Box 1) or amounts billed for qualified tuition and related expenses (Box 2) on the 1098-T. Depending on the Institution, they may report the billed amount (Box 2). Therefore, payments received (Box 1) will be blank.

In TurboTax, you should enter the information from the 1098-T exactly as printed.

M

matthewgamarshAuthor

Thank you for your quick response. I forgot to add one part to my question. Since box 2 and box 5 are not updated together box 5 is missing a semester of scholarships. Should I add that amount to the other scholarship/grant category or just include it in my 2017 taxes when the 1098-T shows the scholarships for sping 2017?