1098T Adjustments

[shf1957]

Client had 5200 in  payments received in box one and in box 5 scholarships had 7000.  Now this year a the form has  in box 4 prior year adjustment 5200 for payments and in box  6 prior year scholarship adjustment of 30000 ( when original last year was 7000)    I am amending that back year and I am wiping out the 5200  to Zero for tuition paid  and am i to put the new 30000 in the box for scholarships?   I don't believe I am to put the difference of 30000-the original stated 7000 = 23000)  But I could be wrong.  PLEASE let me know if  I am to just change the figures   to the ones stated on this 1098T?

[GodFather]

I'm having real trouble following your post but maybe that's because it's early and I haven't had coffee yet.  With that said, why are you amending?  Because of the adjustments made to the prior year?  

I would input the information on the 1098 T exactly as they are presented and allow the ProSeries program to guide you from there.  Just "listen" to what the program does and see if everything can be handled on this years return.  See how it treats the information you enter.  

[rbynaker]

1098-T forms are notoriously unreliable.  Get the financial account transcript from the school.  If you're saying in 2021 there were $30,000 of scholarships that paid $0 tuition, I'm calling shenanigans.

[shf1957]

Only following the instructions stating you are to go back to the previous year 2021 and adjust the amounts you took to reflect the new information (changes) on the 2022 1098T.    I can just leave it alone and do what you said.. and just put all the figures in.. and close my eyes to the adjustments for the previous year by not opening that year up.   

[shf1957]

Nope it's not shenanigans, 5% of college students get LARGE scholarships if they are academically talented.. like on a ski team, basket ball team etc.  They do this to get the student to attend their college and have zero expenses.