Dependent son's standard return had his income increased over his W2s by over $2500. Submitted before seeing line 1.SCH 2547. What is this - how do I fix?

soccerguy05 · ‎July 14, 2020

What is schedule 2547? We claimed him as a dependent. He has normal jobs, no investments nor do we his parents. He is college student. Entered 1098T info and system said no tax breaks because parents claimed him. We knew that there would be no break. Help.

SusanY1 · ‎July 14, 2020

The notation SCH 2547 is telling us that he had $2,547 of taxable scholarship income based on the entries in TurboTax.

If his expenses for college exceeded or equaled his scholarships, you can remove the 1098-T and this may help. He may have taxable scholarships if Box 5 on the 1098-T exceeds Box 1.

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View solution in original post

SusanY1 · ‎July 14, 2020

The notation SCH 2547 is telling us that he had $2,547 of taxable scholarship income based on the entries in TurboTax.

If his expenses for college exceeded or equaled his scholarships, you can remove the 1098-T and this may help. He may have taxable scholarships if Box 5 on the 1098-T exceeds Box 1.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Dependent son's standard return had his income increased over his W2s by over $2500. Submitted before seeing line 1.SCH 2547. What is this - how do I fix?