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On my 1098-t, the amount is larger box 5 than in box 1. When…

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On my 1098-t, the...

On my 1098-t, the amount is larger box 5 than in box 1. When i entered the information on turbo tax, it says that i owe money in federal taxes. when i remove my 1098t info, i owe $0 . So do i need/have to report my 1098-t and pay the amount?

Accountant's Assistant: The Accountant will know how to help. Is there anything else the Accountant should be aware of?

I am a full time undergrad student, living as a dependent. My parents don't work and receive social security/disabablity every month and don't need to file taxes

Submitted: 1 month ago.Category: Tax
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3/13/2018
Tax Professional: Barbara, Enrolled Agent replied 1 month ago
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 5,789
Experience: 20+ years of experience in tax preparation; 30+ years of experience as a real estate/corporate paralegal.
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Welcome to Just Answer. My name is ***** ***** I will be happy to assist you.

Scholarships or grants (Box 5) may, in certain instances, become taxable income if the amount exceeds qualifying tuition and fees (Box 1). Did you have any other school expenses such as books, etc.?

The IRS gets a copy of the 1098-T so you will want to include it in your tax return.

Please let me know if I can assist you further.

Thank you and best regards,

Barb

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Customer reply replied 1 month ago
i did have other school expenses. but i didn't keep any of my receipts. can i still put them down?
Tax Professional: Barbara, Enrolled Agent replied 1 month ago

If you are ever questioned by the IRS, you will have to provide proof. If you do not have proof, the expenses will be disallowed.

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Tax Professional: Barbara, Enrolled Agent replied 1 month ago

Do you have credit card or debit card statements to prove the expenses?

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