Box 1- Shows payments received for qualified tuition and related expenses (QTRE) from the noted calendar year. Payments include cash, check, credit card, ACH, wire, loans, scholarships and grants. The total payments reported is limited to the total amount of QTRE billed during the calendar year.
Payments for room and board are not QTRE and therefore are not included in box 1.
NOTE: Payments that are made in December for the following spring semester will be included in the next calendar years 1098T. However, tax payers are able to use their own financial records and/or detail from their student account billing statements to calculate the educational tax benefit and substantiate their claim. Please see IRS Publication 970 for additional information.
Box 4- Shows any adjustment made for any prior year for qualified tuition and related expenses that were reported on a prior year's 1098T. This amount could reduce any allowable education credit that you claimed for any prior year.
Box 5- Shows the total of all scholarships, grants and third party payments received from the noted calendar year.
Box 6- Shows the amount of adjustments to grants and scholarships for a prior year. This amount could reduce any allowable education credit you can claim for any prior year.