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Question regarding a 1098 t. Tuiton billed In december scholarships paid in January. Using the filled in boxes as is makes it look like 3500 of income because spring semester was billed in december. All the scholarship money paid tuition straight to the school. We realized no income from it. How do I show this. She graduated in december so there are no billings for 2018.   We have account print out from school that shows all paid tuition.

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Customer reply replied 1 month ago
The school reports billed monies....which in this case was shown in 2016 for spring (Jan 17 start classes). The scholarships didn't come through to pay until 2017. So the billed looks to be a lot less than the scholarships--as Jan was shown last year...I can prove the money went to tuition....how do I show it on the tax form--the program asks me to fill in the boxes for the 1098...If I do this it appears the billed is less than amounts paid--because last Jan bills were on previous years 1098
Answered in 42 minutes by:
3/12/2018
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified

Hi. Great Question.

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Are you using TurboTax? Thank you. It will help in answering the question you have.

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Customer reply replied 1 month ago
she was inputting the info for the tax credit section.
Customer reply replied 1 month ago
no I don't want to switch to a phone call, thanks tho.

A couple of screens will show - "Did Your Aid Include Amounts Not Awarded for 2015 Expenses?"; say yes here. You will then be able to indicate how much of your scholarship income reported on the 1098-T was not for 2017 expenses.

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Customer reply replied 1 month ago
okay so when it asks that we should put in yes and show the amount that was billed back in Dec 2016
Customer reply replied 1 month ago
I don't recall that screen so are you sure that comes up?
IF it doesn't is there an alternative solution?

Sorry - one more confirmation - are you filling out your return or your daughter's? Thanks.

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Customer reply replied 1 month ago
it is my return she the info from the school is in her name--it is for the lifetime learning credit question section of turbo tax
Customer reply replied 1 month ago
I can only ask these things once without paying so I am trying to cover all my basis.....if you are sure that screen appears than all is good.
Customer reply replied 1 month ago
wouldn't it go in the same place either way?

She might not need to file a return to claim the scholarship amount, if her income is less than $6,100.

Yes - on the screens - it will ask when you are inputting the 1098-T information. Also - given what you mentioned above, you should qualify for the Lifetime Learning Credit.

Just a reminder - there is the American Opportunity credit, which can provide greater tax savings since the maximum credit is $2,500.

You can use either credit, not both.

Just giving you the most information I can.

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Let me know if this helps and if you have any questions. Thank you.

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Customer reply replied 1 month ago
no she has income and does file a return--maybe I should let her put it on hers....
Customer reply replied 1 month ago
Okay I will read on the other credit as well and determine which is right.
Customer reply replied 1 month ago
Well that should do it as long as the screen appears. I did not want to pay taxes on money we did not have. Thanks for the help.
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Customer reply replied 1 month ago
thanks

You are very welcome.

ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
Experience: Business Consultant/Accounting Manager
Verified
ABC Accounting Group and 87 other Tax Specialists are ready to help you
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Customer reply replied 23 days ago
Okay..just had a chance to return to my taxes...there is no screen that asks what u said

Want to mention, on 2016 - when entering the 1098t, Turbotax gives you an option to choose if some of the billed amounts are for the 2017 year.

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On the right top - "find" - enter the word "scholarships"

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Choose - "Jump to Schoarships"

Choose - "Edit"

Enter the scholarship amounts

Choose Continue

It will then ask you the questions.

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Customer reply replied 22 days ago
It didn't work out the way you said-I think they have changed turbo tax. I found-in small print-a link under where you enter the info for 1098t that said what if this is not the amount paid..after clicking the link a box appeared for me to input the cash we paid in addition to scholarships already there...anyway the problem looked solved. I hope so anyway.

Great News.

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ABC Accounting Group
ABC Accounting Group
ABC Accounting Group, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 867
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