I did my taxes last year and I am seeing that there is a large sum on them that I cant seem to calculate. What do I do?

Forum|Forum|4 years ago
August 23, 2022
7 replies
65 views

Can you open last years taxes to help my understand why the wages is so large? I cant seem to find any way that the taxes are so high

TurboTax Deluxe Online

Critter-3

Level 15

No one in this PUBLIC forum can see your returns ... so you will need to look at them yourself. On the form 1040 line 1 the box 1 total from all your W-2 forms will be there and possibly more ... so look in the margin to the left of the total line ... do you see an amount and a 3 letter notation like SCH ?

chasitysmithpedeAuthor

Level 2

@Critter-3 Yes I do see that

Critter-3

Level 15

SCH by 1040 line 1 Wages is taxable scholarship income.

See FAQ
https://ttlc.intuit.com/questions/2172062-why-is-my-scholarship-taxable

and how Turbo Tax calculates it
https://ttlc.intuit.com/questions/1901084-how-does-turbotax-calculate-line-7-form-1040-1040a-and-line-1-1040ez-wages

Taxable scholarship is any grant or scholarship amount that exceeds qualified educational expenses (tuition, fees and for undergrads, course materials[books]). Loans are not scholarships and are never taxable