1098-T change coming...

twoinanddone
Sat, 08 Dec 2018 02:50:02 +0000

The income limits are lower for the LLC.

In all the 1098-Ts that I received, not a single one was correct for how I did the taxes. Because the spring scholarships and grants never posted until Jan (or even Feb), I always kept the amounts billed and paid for the spring in the spring tax year. The 1098-T usually had the spring tuition as billed in the prior tax year. I filed in the amounts from the 1098-T on the tax software questionnaire and then checked the box ‘this is not correct’ (or whatever it says) and filled it in with my own numbers. Never had a problem.

I think under the new system the numbers would be closer to what I reported every year since I never paid spring tuition in December. I won’t ever know because my last one graduates next week and I won’t have any more payments in 2019.