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1098 t form?
Last semester, I took one class paid for by one of the scholarships I received in high school. On the 1098 t form I received, box 2 (qualified tuition and related expenses) says $931.44 and box 5 (scholarships) says $1400. I am confused as to how these numbers are not the same seeing as how I only took the one class online. Can someone please explain this to me?
1 Answer
- nancyLv 75 years ago
The 1098-T lists only qualified educational expenses. This includes tuition and fees, books and equipment that were billed by the school, but it does not list non-qualified expenses, such as room and board. So, the most likely explanation for the difference is that the school received $1400 in grant or scholarship aid, but only $931.44 of it was used to pay qualified expenses, and the rest was used to pay non-qualified expenses (or was refunded to you). You must report any amount of scholarship aid that exceeded your qualified educational expenses, so it looks like you need to report some scholarship income on your tax return.