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- Re: 1098-T
1098-T
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brittanypod
Level 1
a week ago
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If a taxpayer has a 1098-T and box 5 is larger or equal to box 1 do you just not enter anything into Lacerte? If the taxpayer did not pay anything out of pocket for education they should not get any education credits even if their box 1 has an amount.
I understand additional amounts in box 5 can be taxable and where to enter that amount. My question here is more about box 1 and entering that if box 5 is greater and taxpayer did not pay anything out of pocket. Leave blank?
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TaxGuyBill
Level 15
a week ago
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@brittanypod wrote:
If the taxpayer did not pay anything out of pocket for education they should not get any education credits even if their box 1 has an amount.
Not necessarily.
If the scholarships/grants were allowed to be used for non-tuition (for example, Pell grants), then those amounts could be allocated to non-tuition (creating more taxable scholarships), but would mean they did pay some for tuition, which could allow an educational credit.
https://www.irs.gov/publications/p970#en_US_2024_publink100060350
