What information does the college report on my IRS Form 1098-T?
Updated October 13, 2022
The college reports amounts paid for your qualified tuition and fees.? Box 1 includes any and all amounts paid by cash, check, credit card,?financial aid, scholarships or third party payments?during the tax year. Box 5 includes amounts paid by financial aid, scholarships or third party payments.? Adjustments to these are reported in Boxes 4 and 6 respectively.
For more information, see?IRS publication 970?or consult with your tax advisor.