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Old 02-25-2015, 10:51 AM
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form 1098T

Form 1098T 2014 has the following information:

Box 1 No amount
Box 2 No amount
Box 5 $9820.00(scholarship)
Box 8 Not checked

Graduated in May 2014 and paid school fees in addition to the scholarship amount shown above. Is this amount as shown on box 5 taxable since there are no amount shown on box 1 or 2?



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Old 02-25-2015, 10:55 PM
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Quote:
Originally Posted by minim84 View Post
Form 1098T 2014 has the following information:

Box 1 No amount
Box 2 No amount
Box 5 $9820.00(scholarship)
Box 8 Not checked

Graduated in May 2014 and paid school fees in addition to the scholarship amount shown above. Is this amount as shown on box 5 taxable since there are no amount shown on box 1 or 2?
One reason this happens is that some people pay Spring semester's tuition ,Jan – May, in Dec. of the previous year. Tax regulations require theschool to report charges based on the calendar year the charges were BILLED not when the term actually began;aslongas you can subtract the amount in box 5 from the amount shown in box 1 or 2 and you have the correct amount to report for tuition credits. If box 5 is greater than box 2 and you spent the difference on something that was related to your tuition , then it is taxable.



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Old 02-26-2015, 06:58 PM
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1098t

Since there were no amounts shown in box 1 or 2 in 2014, because Jan-May 2014 tuition was paid in Dec 2013, then I assume that I can offset the amount of qualified tuition expense for 2014 that is shown on form 1098 T 2013 against the scholarship amount on box 5 for 2014, am I correct?



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Old 02-26-2015, 10:14 PM
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Originally Posted by minim84 View Post
Since there were no amounts shown in box 1 or 2 in 2014, because Jan-May 2014 tuition was paid in Dec 2013, then I assume that I can offset the amount of qualified tuition expense for 2014 that is shown on form 1098 T 2013 against the scholarship amount on box 5 for 2014, am I correct?
Yes; in general asyou can see, you cannot deduct expenses from a previous year on this year’s tax return. You can only deduct expenses in the year that you paid them. Each return deals with its own year. One of the exceptions to this rule is the tuition and fees deduction, which allows you to claim qualified education expenses from the previous year of 2013 as long as they were for school sessions that began in January-March of the tax year of 2014 you are currently filing for.you may fiel 1040x ;however, if it doesn’t amount to much, it might not be worth the cost and trouble of filing an 1040X.



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