Education Credits-FORM 1098-T

[CPS Tax Services]

I'm really confused about FORM 1098-T. If box 1 (Tuition paid) is less than box 5 (scholarships & grants), should I report the difference as income in my personal return 1040? Or in my dependents return, if he files? Thanks

[WICPA]

I have had this as well. Called the university and they told me they only report in box 1 the actual payments received from the student or student loan payments. The scholarship paid tuition but not by the student so it was not in box one. Best way is to get them to send you the student account activity for the year. Seems like the 1098-T is still somewhat useless.

[CPS Tax Services]

WICPA,Yes that is what I did, too. Comes up that tuition was 5505 (box1) & scholarships & grants $11526 box 5). Have the acct activity and both boxes are correct as reported. Should I report that difference of $6020 as income? They were all Pell Grant $3047 & the rest PResidential award, honors.... , as confusing as the QBI,

[TaxGuyBill]

Called the university and they told me they only report in box 1 the actual payments received from the student or student loan payments

I would have told the college that is wrong, and that they will likely incur a penalty from the IRS for EACH 1098-T that they are doing it that way.