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Does anyne else think ProSeries needs to fix the education worksheets?

TFoltz
Level 1

The 1098T changed.  Instead of reporting Tuition Billed it now reports Payments Received.  Still reports Scholarship money.  The big difference is that before, Scholarship money reduced the Tuition Billed and the net was used to calculate qualified education expenses.  Now, there is no netting.  Or there shouldn't be.  The Payments Received, by definition and IRS instructions for the 1098T, are amounts just that - received.  It, by design, already reports amount billed less scholarships.  Payments Received as reported on the 1098T should be the amount used to determine eligible credits.  ProSeries is still taking off Scholarships.  Or am I mssing something?

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4 Replies 4
Just-Lisa-Now-
Level 15
Level 15
so you think payments received doesnt include payments from scholarships?

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
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TFoltz
Level 1

I just went back and re-read a related thread on this topic from 2020 (2019 tax year).  So what I think is that not every college/university is actually gong to fill these out correctly.  What I think is that this particular 1098T from this particular client is incorrect (based on her records, school billing, etc).  What I think is that each 1098T needs to be looked at carefully and each client presenting one needs to be asked about it.

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Just-Lisa-Now-
Level 15
Level 15
I agree, we cant count on the schools for accuracy. Many of the universities will include an additional page that breaks down the payments and scholarships.

♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
Terry53029
Level 11
Level 11

that is why ProSeries has a section on the 1098T worksheet to do a reconciliation of box 1, and 5. Always use the clients records, as the amounts are often wrong on the 1098T