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Question

Why is the loan amount listed in box 1 of 1098-T?

Forum|Forum|3 years ago
January 27, 2023
1 reply
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TurboTax Deluxe Online

Box 1 on the 1098-T is the total amount that was paid to the school for education expenses. That amount could include loans, grants, personal funds, scholarships, etc.

Click this link for detailed info on How to Enter a 1098-T.

Employee

The amount of box 1 that was paid by loans is not relevant for tax reporting purposes. For tax purpose, you may allocate the box 1amount to various sources ( loans, grants, personal funds, scholarships) as needed. The one exception is if the conditions of a scholarship specifically say it must be used for tuition.