- Mrs. Wizard
- 6 years ago
- Wedding: June 2012 - Glades Pike Winery, Somerset, PA
I was a full-time student for part of 2011, so I qualify for the Hope Credit. I have my 1098-T and Box 2 has the info for how much the school billed to me in 2011.
I’m using an online tax site and it’s asking me this:
“Out of the $XX,XXX that was billed by your school, how much of this was actually paid to the school in 2011 (including scholarships, fellowships or grants)?
Box 2 on a 1098-T is the amount that the school billed you, it’s not necessarily what they received as payment from you or a lender. Check any student account statements or bank statements for amounts paid to your school if you’re unsure.
Payments paid in 2012 should not be entered here; however, you should enter payments made in 2011 for education that began in the first three months of 2012.”
Box 1 on the 1098-T is “Payments received”, but it’s blank on mine. So I checked my school’s FAQ on their 1098-T’s and it says this:
“Box 1: This box is used to report payments received from student for “qualified tuition and related expenses” during the calendar year. This box will always be blank because [school] has elected to report on the “amounts billed” basis in Box 2, as discussed below.
Box 2: This box is reports amounts billed to the student for “qualified tuition and related expenses” during the calendar year. The amount reported is the total amount billed less any reductions in charges made during the calendar year that relate to the amounts billed for qualified tuition and related expenses during the same calendar year.
NOTE: [School] has elected to report on the “amounts billed basis” and is required to prepare all Form 1098â€Ts using this method. As [school] has elected to report on the “amounts billed basis,” the Tax Code prohibits [school] from issuing any Form 1098â€T’s using the “payments received” basis, even if requested by a student.”
So, to me, that sounds like my school doesn’t keep track of how much I paid to them in 2011? How do I know what to put in for that box on the tax return form? Do I have to literally go back through my bank history for all of 2011 and find each and every cent that I paid to my school? Or are they saying that the amount in Box 2 is actually what was paid to them through me, scholarships, grants, and loans?
I did the Hope Credit last year too, from the same school (so Box 1 was blank per their policy) and with the same tax website, and I didn’t have to do anything like that. But I don’t remember exactly what I did, haha.