Screwed-up 1098-T form from college
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?
Reply With Quote
Originally Posted by Bill Brasky
Bookmarks