What does an amount in Box 6 mean?

Box 6 ("Adjustments to Scholarships or grants for a prior year") shows an amount if "scholarships or grants" that were reported on a 1098-T for a prior year were subsequently adjusted or reduced in the current tax year. For example, if you received Fall 2006 UCSB Grant in September 2006, it would be reported as "scholarships or grants" on your 1098-T for 2006. If the grant amount later was adjusted or reduced in January 2007, and the charge to your student account was paid, the amount cannot be summed into Box 5. It must be reported separately in Box 6 for tax year 2007.

If you access your record at UCSB's Tax Credit Reporting Service (TCRS) at http://www.1098t.com/ , you may view and print copies of your 1098-T and "financial supplement." At the web site, the expense categories in Part 3 of the "financial supplement" are linked to more information. For example, just click on a link for "Regular Session Fees," and you will see the details (dates, descriptions, amounts) for all transactions that were compiled into that category, such as:

The amount in Box 6 may affect any allowable education credit you claimed for a prior year. Please consult a tax expert to determine if you may need to recalculate your tax benefit for that prior year.

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