View Full Version : Screwed-up 1098-T form from college



SoonerDave
04-04-2016, 09:20 AM
Hey...for any CPA/tax folks out there...

No matter how many times I try to work it out, I keep coming to the conclusion that the 1098-T form that was sent out from the college one of my kids is attending is, well, all screwed up. The invoice from the school makes perfect sense, and I've read some tax blogs that basically say lots of schools are messing up their 1098-T's, and the best thing to do if you're in that boat is just indicate you didn't get one and do the worksheet - and be sure you can back up all the numbers with proper statements/receipts.

Anyone else out there have any different thoughts?

The biggest problem with this particular 1098 was that a tuition scholarship also included a small book stipend, but that was not part of the amounts billed, so it creates the illusion the scholarship was for more than was actually owed. That, in turn, messes up the calculations for the American Opportunity Credit. Telling TurboTax I didn't get a 1098T and doing the worksheet separately makes the numbers come out perfectly, but I don't like filing a form with the return that claims I didn't get a 1098T when I really did....

The actual payments were pathetically simple - I paid for enrollment fees, have the receipts/statements, and cancelled checks, and believe I could justify it to anyone's satisfaction; it's the form that makes things screwed up.

Am I worrying too much? Just file it and forget it?

HangryHippo
04-04-2016, 09:40 AM
I'd say just file it and forget it because 1) I think you're worrying too much and 2) it sounds like you have all the proper documentation to back up the worksheet.

SoonerDave
04-04-2016, 11:25 AM
I'd say just file it and forget it because 1) I think you're worrying too much and 2) it sounds like you have all the proper documentation to back up the worksheet.

Good points. Appreciate the thoughts. As I look more into this, I'm finding that for this year the 1098T is less important than the 8863 form that computes the credit, so I think I'm good. Time to press the "go" button :)