There’s no specific field to enter scholarships, fellowships, or grants received on a Form 1098-T box 5. But nontaxable scholarships may reduce the amount of education expenses eligible you’re eligible to claim for education credits and the tuition deduction, and taxable scholarships need to be reported as income.

What do I need to know about ASU Form 1098-T?

See IRS Form 8863 or IRS Publication 970 for more information. Box 5 of Form 1098-T reports the total of scholarships or grants administered and processed by the ASU Financial Aid and Scholarship Services (FASS) during the calendar year. The amount reported in Box 5 does not include:

What happens in box 6 of Form 1098-T?

This detailed information is supplemental and is not reported to the IRS. Box 6 of Form 1098-T reports adjustments made to scholarships or grants reported on a prior year Form 1098-T in Box 5. The amount reported in Box 6 represents a reduction in scholarships or grants reported for a prior calendar year.

Where does veterans education go on Form 1098-T?

Beginning with the 2011 tax year, Veterans Education Benefit amounts received (Post 9/11 GI Bill) will now be included in Box 5. For additional information on Veterans’s Education Benefits, please visit either the IRS or the Department of Veterans Affairs website.

What does box 5 on a 1098-T mean?

If the amount in Box 5 (your scholarships) is GREATER THAN the amount in Box 1 for Tuition Paid (or Box 2 for tuition billed- whichever is filled in on your 1098-T ), this means that you had an excess amount of scholarship, and this amount is taxable income.

When do I get my 2019 1098-T form?

I received my 2019 1098-T from my college. I graduated in Spring 2019, my final semester. The 2019 form reflects nothing in box 1 or 2 regarding tuition (different from evert 1098-T prior), however my tuition scholarship is still present.

What to include in 1098 for past due tuition?

Include in this box the receipt of a payment of past-due qualified tuition or related expenses from a previous calendar year, but only if the educational institution previously billed the student for such amount (s). Box 2. Reserved This box is reserved for future use.”