My daughter received a 1098T form and it shows more money on box 5 than box 1 but she actually never got any money because the remaining grant after the tuition was paid was used to pay for her dorm. The difference is about 19K, we also had to pay over 1000 to cover the rest and a summer class out of pocket. Reading it says that she will have to report the difference as earned income which will put us in reality hot water since we don't have money to pay taxes for this amount of "earned income" that is being imposed. She's not required to file taxes because her student job doesn't pay over 12k, it will be only because the difference on the grant distribution. Any idea of what can happens if we don't put her 1098T form on our taxes?
Submitted March 01, 2024 at 09:50PM by Certain_Ad_5602 https://ift.tt/R5Dt2K7
