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Question

If my 1098-T box 1 is a higher number than box 5

Forum|Forum|5 years ago
February 14, 2021
1 reply
0 views

So, I'm seeing everywhere that if box 5 is greater than box 1 you have to report it. But what if box 1 is greater than box 5, do i have to report it?

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The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. However receipt of a 1098-T frequently means you are either eligible for a tuition credit or deduction or possibly your student has taxable scholarship income.

So, no; you don't have to report it, but you probably want to. Box 1 being more than box 5 usually means you are eligible for a credit. If you are your parent's dependent, then they claim the tuition credit on their return.