Hi all,
I was filing my taxes with Turbo Freedom and all went well until I input my 1098 T. I went from having a chump change refund to apparently owing almost $900 in taxes. I'm trying to figure out if there's something wrong with the form I was given or if not, should I just disregard the form entirely.
Some background:
This is only my third year filing taxes. Originally, I didn't plan on filing this year because I'm a dependent and based on my W2s, my earned income was under $6350. I had one part-time job that withheld federal taxes (but I quit that job halfway into January 2017 so again... chump change), and another part-time job that didn't withhold federal taxes. I don't think I'm required to file, but I figured it's a good habit and to be honest, I wouldn't mind getting that chump change refund. This is also the first year where I spent a full calendar year (Winter 2017, Spring 2017 and Fall 2017) at my current school. I transferred in 2016 and started Fall 2016.
From what I've read on the sub, it looks like the financial aid office may have messed up on my 1098 T. Or not? If someone can help me figure out how to correctly interpret the numbers on the form, that'd be great.
My form looks like this:
-Box 1 is $0.00
-Box 2 is $17.00
-Box 3 is unchecked.
-Box 4 is $0.00
-Box 5 is $9363.00
-Box 6 is $0.00
-Box 7 is checked.
-Box 8 is checked.
My first instinct tells me there's something way off about Box 2, obviously, because there's no way I was only billed $17 for an entire school year, right? Like, what? I'm truly unsure how on earth that can even be considered a valid number.
Basically, please help me figure out if this 1098 T is truly whack and if so, how I can "fix" it if needed? If the form isn't whack, should I even bother including it on my tax form this year? If don't include it or go ahead and change the numbers to fix it, will there repercussions later down the line since the school has to report this form to the IRS as well?
Thanks in advance!
Submitted February 05, 2018 at 04:57AM by hypnowad http://ift.tt/2FMN5uO
