<p>^^^Thanks onlychildmom. I decided to keep tuition and grant amounts consistent for each tax year, rather than reporting tuition for 2 semesters and grants for 1, like the school does on our 1098. I’m keeping printouts of all of the payments in case I’m ever audited. I just didn’t like the idea of having lots of grants with no corresponding tuition for senior year, I thought I’d have a harder time explaining that than differing from the 1098!</p>
<p>And I, not realising the significance of the choice, began utilising the numbers on the 1098T not making adjustments to keep it simple. I have been glad it was simple, but I think at one end or the other it will not be as beneficial- the year with all grant and no expenses reported will hurt, but at least it is just half a year ;)</p>
<p>^^Either way it’s a real pain, you’d think that schools would realize the complications it makes for parents and keep some consistency between tuition and grant reporting on the 1098.</p>
<p>I walked same path as onlychildmom above.
Spoke to IRS agents too…
We decided to pick a plan and stayed consistent through 4 years. And kept those good records just in case.</p>
<p>Kind of unbelievable that there really is NOT one correct way to handle this.
My scientist brain says there should be.</p>