Need clarification for 1098T
1098T box 2 amount billed is less than box 5 scholarship or grants. The only amount the taxpayer received was a portion of cost for tuition. Taxpayer is child of employee of University and receives tuition/fee waiver. Why would Box 5 amount exceed Box 2 amount. Employees and dependents have to pay a small portion of their tuition.
Different taxpayer - Box 2 is more than Box 5 which is the way it should be but Box 6 has an adjustment for a prior year. What to do with it when taxpayer did not receive any actual money - just the fee waiver. Pub 970 not helpful. As I understand it taxpayer will have to recapture the deduction for 05. Where does it go? And why? I am thinking that taxpayer needs to go to the Bursar's office and inquire about the discrepanies.
Opinions please!
1098T box 2 amount billed is less than box 5 scholarship or grants. The only amount the taxpayer received was a portion of cost for tuition. Taxpayer is child of employee of University and receives tuition/fee waiver. Why would Box 5 amount exceed Box 2 amount. Employees and dependents have to pay a small portion of their tuition.
Different taxpayer - Box 2 is more than Box 5 which is the way it should be but Box 6 has an adjustment for a prior year. What to do with it when taxpayer did not receive any actual money - just the fee waiver. Pub 970 not helpful. As I understand it taxpayer will have to recapture the deduction for 05. Where does it go? And why? I am thinking that taxpayer needs to go to the Bursar's office and inquire about the discrepanies.
Opinions please!
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