** NOTE: I took too long editing my previous reply and the forum would not allow me to save my edits. Therefore, I am posting a revised post in lieu of my previous post. **
I thought Box 1 was all payments for qualified educational expenses received by the school.
According to my daughter’s college, Room and Board are not qualified educational expenses for TY 2019 and therefore not reported in Box 1.
My daughter’s Box 1 is $13,000 and Box 5 is $17,000.
Her Room and Board is $4,000.
Her out-of-pocket qualified educational expenses are $500.
According to TurboTax her taxable income is $3,500.
A number of folks in one of the TurboTax forums claim I can report the following amounts in my daughter’s 1098-T worksheet for my 1040 and her 1098-T worksheet for her 1040 since doing so offers some tax advantages:
Her 1098-T worksheet for her 1040 tax return - Box 1: $0 and Box 5: Any amount $X
Her 1098-T worksheet for my 1040 tax return - Box 1: $13,000 and Box 5: $17,000 minus $X
Does any of the above make sense?
Thanks, again.
Geo