rbynaker
Level 14
12-06-2019
10:12 PM
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I also assumed this was a typo and "box 2" should read "box 5". There should not be amounts in both box 1 and box 2. Even though there is not supposed to be a box 2 this year, I've heard several educational institutions are still sending out 1098-T forms with a box 2 amount. Like I said, I suspect a whole lot of these will be wrong this year. With the due diligence requirement, I strongly advise that every tax preparer get a financial report from the college each year detailing what was paid, when, and how, before even attempting to claim any education credits. Given my experience at just how little most colleges care about reporting things correctly on these forms, simply relying on a 1098-T form, IMO, is borderline malpractice.
If you're looking at a 2018 form 1098-T with a box 2 amount, then a "reasonable and well-informed tax return preparer knowledgeable in the law would conclude that the information furnished to the tax return preparer appears to be incorrect, inconsistent, or incomplete." And you're required under due diligence standards to get additional information.
Just my $0.02.
Rick
If you're looking at a 2018 form 1098-T with a box 2 amount, then a "reasonable and well-informed tax return preparer knowledgeable in the law would conclude that the information furnished to the tax return preparer appears to be incorrect, inconsistent, or incomplete." And you're required under due diligence standards to get additional information.
Just my $0.02.
Rick