I know that it's not required by the IRS for schools to include payments made throughout the year. Is there a place for us to put our payments we made even though they aren't reported on the ? Topics: TurboTax Deluxe Online. Intuit Alumni. My T Box 1 is blank Yes. My T Box 1 is blank It looks like that's just talking about the amount of tuition billed.
Do I still adjust that to also include my payments? You can include the full amount of what you paid here. Level 2. Level My T Box 1 is blank You claim the tuition credit, based on your own financial records, not the T. My T Box 1 is blank "My T box 1 is Blank for , but the tuition for spring was included in T box 1, and I claimed in last year. I am new to this and very confused. Thank you! My T Box 1 is blank No.
I paid tuition for the spring semester JanMay , in December You are saying, because I paid in , I cannot file for this? Sorry, I just wanted to be clear. Expert Alumni. My T Box 1 is blank Your dates don't make sense to me.
My T form had an empty box 1. My T Box 1 is blank Yes, if you already claimed it on your return, you can only claim your extra expenses, books, notebooks, whatever things were required for you to attend classes.
Here are some links to help with what you can do: What are examples of education expenses? What are qualified education expenses for the American Opportunity and Lifetime Learning credits? A: Typically, charges are posted to your student account in November for the Spring semester and in June for the Fall semester. Box 1 of Form T reflects payments made during the calendar year for qualified tuition and related expenses and it is not based on when the classes were attended or billed to the student account.
Your Term Fee Bills will show the dates payments were posted to your account and are a valuable resource for determining the semesters that are included in your Form T. Q: I am a graduate student and I received fellowship payments. Where is my fellowship reported on my Form T? A: For Form T purposes, fellowships are considered financial aid and will be reported in Box 5 as a scholarships, grants, fellowships.
Form T reports activity occurring in the calendar year. Therefore, if the total aid you received during the calendar year reportable in Box 5 exceeds the qualified tuition and related expenses QTRE paid during the same calendar year, you will not receive a Form T. Q: I am a graduate fellow who is entitled to receive health or dental insurance at a reduced rate. How is this reported on my Form T? A: Since insurance both medical and dental is not considered to be a qualified tuition and related expense, this expense it is not reported on your Form T.
However, if the University subsidizes the cost of your insurance then the University subsidy is reported in Box 5 of the Form T. The Spring semester tuition charges were generally billed and posted in November and, therefore, would have been included on the Form T, in Box 2.
The student must select this option ieven f the parent's qualify to claim the student as a dependent, and the parents do not claim them.
That will require a tax return to be filed and the student will have to pay the Self-Employment tax on that income. The only qualified expenses for scholarships and grants are tuition, books, and lab fees. If there is any excess, then it's taxable income. It automatically gets transferred to line 21 of the with an annotation of "SCH" next to it.
That's it. If there are any excess Q funds they are taxable. The amount is transferred to line 21 of the with an annotation of "SCH" next to it. Finally, out of pocket money is applied to qualified education expenses.
The only qualified expenses for out of pocket money is tuition, books, and lab fees. When you have a Q it is extremely important that you work through the education section of the program in the order it is designed and intended to be used. Finally, if "all" qualified expenses are covered by scholarships, grants, Q funds and there is ANY of those funds left over that are taxable, then while the parent can still claim the student as a dependent, it is the student who will report all the education stuff on the student's tax return.
Why sign in to the Community? Submit a question Check your notifications Sign in to the Community or Sign in to TurboTax and start working on your taxes. Enter a search word. Turn off suggestions. Enter a user name or rank. Turn on suggestions. Showing results for. Search instead for. Did you mean:. New Member. I just got my T form from my school and it shows that the school did not bill me for anything or collect any money with blanks in both boxes 1 and 2, but it shows all of my scholarships and financial aid in box five at over 12, for the semester.
However, I paid out of pocket and that financial aid was given to the school just for the semester. I have statements from my school showing the billing and distributing of my money for so why is this blank, and it really messes up my tax return but thousands if it is left blank like this.
When I enter the information is wrong and correct it will that change the actual t form and make it right, or will I just have to send in supporting documents with my taxes to prove it is wrong and what I actually was charged?
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