How much of Box 5 on 1098T is already reported?

Forum|Forum|6 years ago
March 16, 2020
2 replies
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In 2019 I was a grad student who spent half the year paid by a fellowship that was not taxed (and is thus not reported on my W2), and the other half with a taxed paycheck. Thus, my W2 reflects half of what I earned/half of what my school processed for me.

My 1098T reports values in Box 1 and Box 5; the amount in Box 5 is greater than Box 1.

Turbot tax is now prompting me to enter how much of the amount in box 5 was already reported on my W2. How do I discern this? Is the amount on my W2 included in the value in box 5?

Thank you much!

Best answer by Hal_Al

"I was advised to ensure the amount on the 1040 for my income reflects box 5 - box 1, but I'm struggling to enter this appropriately with the Turbotax interface".

Enter your 1098-t, at the 1098-T screen, with the box 5 and box 1 amounts. Then just don't enter any other numbers. TutboTax will add the difference to line 1 (w here W-2 wages also go)of form 1040, with the notation SCH and the amount

MAK70

Yes, you want to enter the amount from your W2 so you are not taxed on it for scholarship income.

Hal_Al

Employee

You discern it through your own records. You know how much is on your W-2. You say that's half of what your received. Does the amount in box 5 look like the other half? It's highly unlikely that box 5 includes the W-2 (almost nil).

bkondilesAuthor

Thank you very much. I learned that my confusion likely comes from the way this grant is handled/reported. So now I know the answer to Turbotax's question "how much of this income was reported on a W2?" is zero, and the amount in box 5 represents the tuition waiver (from box1) + my stipend.

I was advised to ensure the amount on the 1040 for my income reflects box 5 - box 1, but I'm struggling to enter this appropriately with the Turbotax interface.

If you can provide any additional assistance, I'd appreciate it!

Thanks so much for the help.

Hal_AlAnswer

Employee

"I was advised to ensure the amount on the 1040 for my income reflects box 5 - box 1, but I'm struggling to enter this appropriately with the Turbotax interface".