College graduate lived with mom and dad. Earned $15000 and her 1098-T shows only box 5 scholarships of $2075 - no books. Never had where box 5 is the only entry. Do we include it on line 7 as a scholarship? Any idea will help.
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Follow the money
Suggest checking the prior year Form 1098-T and then reviewing what was really paid when. You may have (improperly) claimed some "billed" expenses that were later covered by the scholarship on the newest tax document.
I've never seen anything related to "books" on a Form 1098-T . . .
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Not without getting a transcript. I see a lot of these now. Just did an amended return for a graduating senior (tuition paid in a prior year -- scholarship for that semester granted in following year). She did her own return on TT and added $10,500 to her income in error using the 1098T. I amended return and she netted in excess of $3K in refunds. She also qualified for AOC due to tuition payments made in excess of scholarship. Her parents had claimed LLC in her freshman year, so she met the 4-year rule.Comment
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