The number on the 1098-T really doesn't matter, right?

[mamster]

I've received my first 1098-T for my kid's first year of college. (Or as the kid calls the form, "The T-1000").

I calculated that after receiving a scholarship and paying for winter quarter in December, our AOTC-eligible expenses for tuition, fees, and book paid in 2022 came to $3948. The number on the 1098-T is considerably higher: $5653.

I assume I don't need to ask or try to figure out why the school's total is different, since based on searching threads here, it usually is. Just put our actual eligible expenses, which I can easily document, on the form 8863. Right?

(I also realize this is irrelevant, since we're pocket change away from the maximum credit; I'm not trying to hit $4000, just trying to avoid a CP2000.)

Thanks!

[toddthebod]

The number in box 1 is a "raw" tuition & fees number. If you have a scholarship, that is not counted in box 1. Also, none of your other non-tuition education expenses are in there. So take the box 1 number, subtract the scholarship (box 5), and add your other expenses, and you should get to your figure.

When matching up my 1098-T to my statements, it includes "Tuition", a "Course Fee" for one of my classes, and three other student fees, "Student Wellness," "Student Life Pavilion," and "Student Activity." My grant shows up in Box 5, and I paid the difference between the two. Since I had enough to max out the lifetime learning credit, I did not bother accounting for other expenses (i.e., books).

[Katietsu]

Your records should control ultimately. Did you get the student accounts record? I would try to to figure out where their numbers came from on the 1098-T and you would need the account records for your documentation anyway. And by your calculation, what sources did you use? And remember that things like tuition paid directly via a student loan might would be part of the qualified expenses even though you never “touched” it.

[mamster]

Thanks, folks. I will go through the student account records and compare.