<p>we have a 1098-t form here that doesn’t seem to correspond to the scholarships i think my kid gets. anyone else in the same boat?</p>
<p>you can PM me if you want.</p>
<p>I am glad that we are not the only ones with this 1098-T issue. Also, what form is used for the Federal tax form: 1040EZ or others? and OOS which state tax form to use: Alabama or home state? thanx in advance RTR</p>
<p>well, in our case the amount they said they give us is way more (by 7K or so) than they actually did give us (by 7K or so). so we don’t actually owe the extra tax that they will think we do.</p>
<p>you can go on mybama and see your scholarships.</p>
<p>not sure what we will do. either pay the tax on the overage (that we don’t really owe) or attach a printout of scholarships actually awarded. or both. </p>
<p>will check on it monday, but not sure we will get a resolution on monday.</p>
<p>happy to pay the tax on the 7k free dollars if we actually got them! :)</p>
<p>From what I understand (and I am NOT a tax professional!), taxes are due on the difference between box 7 and box 2 (or 1). Previous discussion here.</p>
<p><a href=“http://talk.collegeconfidential.com/university-alabama/1457873-nmf-scholarship-taxes.html[/url]”>http://talk.collegeconfidential.com/university-alabama/1457873-nmf-scholarship-taxes.html</a></p>
<p>FWIW, our amount is different than any other posted. I assume it has something to do with the fees (lab, etc) for courses and number of credit. hours taken. We do not have an extra $7k though. Too bad, we could use it.</p>
<p>I asked the question on the financial forum about state taxes and someone posted a link from the University of Alabama-Birmingham site saying that there are no state taxes on scholarships (for tuition or room and board) in Alabama. However, if you are an out of state resident like I am you do have to pay taxes on a non-tuition scholarship in your home state if required (each state is different.) I’m not sure how to put that link here…the thread was from last Monday if you want to look. We are from Wisconsin and we were told we treat it as unearned income. Husband finished the fed taxes and needs to do the state…wish him luck.</p>
<p>i understand that tax would be due on the amount of money you received that is greater than tuition and fees charged. my prob is that the amount they list as awarded does not correspond to what was actually awarded. </p>
<p>actually awarded 26k. 1098 says we were awarded 33K. :/</p>
<p>if one received outside scholarships (not from UA) are they listed in the same place as the scholarships from UA?</p>
<p>I thought I had some issues with my 1098s until someone pointed out the timing of the info on the 1098 did not match my thinking. Specifically, since the bill and merit scholarship for the spring semester arrived in December those fees and scholarships were applied to the year BEFORE the semester to which they were applied. For my kids their 2012 1098s showed info for the fall 2012 and spring 2013 semesters … and not the spring 2012 and fall 2012 which is what I expected. These were not UofA 1098s</p>
<p>Maybe something similar is happening here.</p>
<p>something like that occurred to me, but i don’t think that is what is going on. </p>
<p>thanks, though.</p>
<p>I just pulled my son’s form up online. It does have the fall 2012 and spring 2013 tuition on it. It shows the breakdown on pages 2-4 of the form. </p>
<p>Mike, I thought you could also deduct books and computer/laptop and supplies from taxes as well. Not just tuition and fees. </p>
<p>The other thing I noticed was that the scholarship is based on the number of credits the student is taking. So if they are a student that takes 20 credit hours, it would be a higher amount than the standard 18 credit hours. </p>
<p>My son’s scholarships were different amounts for fall and spring. </p>
<p>For us, the “extras” ate up the engineering and one outside scholarship my son recieved.</p>
<p>The 1098-T form is a way for educational institutions to report payments and may not be accurate. Issues arise as to how spring semester fees are accrued and paid depending on if the charges/payments are assessed in December or January. From what I’ve been told, ones tax form does not have to match the 1098-T as the 1098-T does not account for special tax considerations with regard to education credits.</p>
<p>Spring semester charges are generally assessed and paid in December of the prior tax year, which is in turn reflected on the 1098-T. You may be able to count those funds as part of the tax year in which the semester started. Consult IRS publications or a tax professional if you wish to do the latter.</p>
<p>I’ve ran into this issue when adjusting the number of credits I’m taking during the spring semester and when switching to classes with higher course fees.</p>
<p>MikeW is lucky that she doesn’t have to consider state income tax implications as Texas doesn’t have a state income tax and Alabama doesn’t tax scholarship income.</p>
<p>Generally speaking, one cannot deduct a computer as it’s not a required course material.</p>
<p>vlines - that might have something to do with it … not sure, though. something else to look for … thanks.</p>
<p>Mike, Go To Mybama. Then The Student Tab. Lookat Financial Aid. You Can Look At Scholarships Per Year. My Ds Shows Presidential And 2 Outside Scholarships. That May Help You Compare Numbers. Sorry For Sll The Odd Capital Letters New Phone!</p>
<p>^Doing this for my son, our 1098 shows close to $2k more than what was awarded</p>
<p>Did the above for My daughter, and our 1098 shows $1,940 more than awarded. Of course we filed and paid her taxes due last week.</p>
<p>So - WHAT THE HECK?</p>
<p>ours lists three. two to make up the presidential and one for engineering. if the amounts were somewhere in the same ballpark, i wouldn’t mind, but since they’re not, i kind of need to know whats going on.</p>
<p>:/</p>
<p>MikeW, please pass along what you learn. Ours looked fishy as well, but I’ve extended our returns and haven’t dived into it yet.</p>
<p>After reading this thread, I checked D’s and they have the Fall '12 tuition amount listed on the 1098T wrong, by $375. We are instate. I haven’t figured out where they got that amount.</p>
<p>Edit: I take that back, they do have the $4975 listed as her Fall '12 tuition and that is what was credited, but why is it more than the Spring '13 amount for tuition ($4600)?</p>
<p>Our report appears to be 100% correct. I didn’t think so at first, but when you consider the fees are non-taxed, and also the OOS tuition supplements (for over certain # of hours), it all adds up correctly. The OOS tuition per additional hour was $970, I believe. In the detail, there are also all sorts of added items like football tickets, health center, lab glasses, BB, housing deposits, etc…that appear on the student account as “billed” expenses, but are not tuition-related.</p>