1098-T help 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.)? |