Hi,
I have a question about the what to do for my son's taxes.
He graduated college last year and we received the 1098T from school. This year it was a little different in that there is nothing in box 1 or 2 but a hefty amount in box 5.
The previous 3 years the 1098T had Box 7 checked saying the reported tuition covered the next year. I didn't really consider this in the previous years as I just plugged these in to Turbotax and out spat the result.
The problem this year is without tuition and expenses to offset the scholarships, it is causing a large tax due amount.

My question is what to do?!
Can the tuition that was actually paid (1098T shows billed) during 2014 be reported to offset the scholarships?
If so, How would this be done (what form etc.)?

I have this same exact situation now that I've graduated. I never questioned the information on my 1098t and just put the numbers in my tax system. Please advise on how WE should proceed.

I contacted my school and was told I would have received a larger credit in 2013 since a higher tuition was claimed. This year (2014) I have to pay for the larger credit I received last year, so it basically evens out.

If I decide to go with this "wash", what address and Filer's Federal ID info should I use? Should I just use the school's information?

I was also able to find this info: "Just because you report the Pell grant as taxable income, doesn’t necessarily mean you will pay tax on it. This depends on other factors such as the amount of other income you report, your filing status, and the deductions and credits you’re eligible for".