My 1099 education award is processed at my college with other payments. my 1098-T includes the 1099 income also. Do we delete the 1099 or lower the amount on the 1098-T?

Forum|Forum|5 years ago
May 15, 2020
1 reply
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We filed the return already because didn't noticed until afterwards. The 1099 place said to contact the college. The college said they have always done it this way and we just need to ask a CPS how to fix it.

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Hal_Al

Employee

The answer to all tax questions is: it depends.

The 1098-T is only an informational document. The numbers on it are not required to be entered onto your tax return. You claim the tuition credit, or report scholarship income, based on your own financial records, not the 1098-T. So, yes, you can just change the amount in box 5 of the 1098-T, and that would be the simple solution.

But taxes aren't simple.

I assume by 1099, you mean 1099-MISC. Was the $ in box 3 or box 7.? What did you do to get this money? Who paid you? There are several ways a 1099-Misc can be reported; including not reporting it. A student working for the school is subject to income tax, but not FICA (social security & medicare tax). How much was the income? Do you have other income, how much? Are you a dependent on your parent's tax return?