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May 12, 2021
Question

Education Tax Break

  • May 12, 2021
  • 1 reply
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My 1098-T box 1 Payment for tuition is significantly greater than the amount in box 5 scholarships, yet TurboTax indicates scholarships etc exceed education expenses. What am i missing?

1 reply

Hal_Al
Employee
May 12, 2021

You've answered something wrong in the interview.

If you are a dependent,  TT may have allocated too much tuition to the credit, on your parent's return. Go through the education section again. Go through the entire education interview until you reach a screen titled "Your Education Expenses Summary".  Click edit next to the student's name. That should take you to a screen “Here’s your Education Summary”. Click edit next to “Education Information”. When you get to the screen titled “Amount Used to Calculate Education Deduction or Credit”, verify the amount you want to use or change it.