1098-T

[jessica]

This is my first time getting a 1098-T from ASU for my school. On Box 1: $8,772 payments received as qualified and Box 5: $13,761 for Scholarships and grant. Is that mean I have to include $4989 as a taxable income? Also, I utilized TA for all my classes. Thank you in advance!

 

[mizzd]

@jessica Did you have any qualified education expenses that weren’t covered by TA?

 

[jessica]

@mizzd Other expenses covered through FAFSA like books and fees. I paid 0 out of pocket.

 

[mizzd]

@jessica Any Pell Grant not used for qualified education expenses is taxable.

 

[jessica]

@mizzd Of $4989, is the $$4500 TA capped part of that?

 

[mizzd]

@jessica Shouldn’t be, but I don’t know how much you received for Pell Grants and other financial aid. TA should be accounted for in the payments received in Box 1. Look at the account breakdown and break down the charges and payments for 2023.

 

[jessica]

@mizzd Gotcha! That means I have to pay taxes on them. Thank you for the information.