kbairtax wrote:Must be lucky so far. Because of the past requirements for account transcripts, my clients are still including them this year. So far batting 1000 on pmts matching the box 1 amounts. Only had maybe 15-20 so far though.
To date, 4 out of 5 box 1 amounts that I have seen are clearly incorrect.
Today it was a SUNY school. Box 1 contained
EVERYTHING the student was billed (all billed amounts were paid) with one adjustment (negative) for the amount of SUNY tuition credit. Yes, that means they included room, board, etc. The transcripts clearly show this. On this one I am allocating the PELL grant to living expenses (and therefore taxable to the student) in order to qualify the client for some (most) of the AOC.
Another SUNY school I have appears to have box 1 correct, though I can't spend the time reconciling the approximately 175 line items on the transcript that all pertain to the 2018 amounts paid. I did total the tuition only amounts to just about 7k and the box 1 shows 8k so I imagine this one might be correct.