client got 1098T for child in college, box 2 has an amount (billed) and box 7 has amount for scholarships. the amount billed is less than the scholarships & grants. however, these amounts are only for the spring semester of 2008. that child was a student in the fall as well but not showing on the 1098 amounts. can i use the total paid in 2008 for both semesters even though school sent out info only for one semester. will IRS disallow or do i need to explain my figures or should we contact school to get corrected 1098T.
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1098-t's are notoriously inaccurate. They're almost worthless...
I would try to get the accounting "transcript" (not sure what they call it) for the full year from the school showing all the charges and payments and then use that to calculate the amount of qualified expenses for an education credit (or taxable scholarships if it goes that way.)
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