You'll need to sign in or create an account to connect with an expert.
TurboTax automatically creates Form 1040.
If you received form 1098-T Tuition and the Box 5 Scholarships are greater than the amount in Box 1 or 2, the difference may be added as income, on your income tax return.
Generally, you pay income taxes on taxable scholarships and grants but not social security or Medicare taxes.
Scholarship, fellowship, stipends or grant money , if not used for qualified education expenses is taxed as income and belongs on Form 1040 Line 7 with SCH in front of the line number.
Per IRS Publication 970 Tax Benefits for Education : Payment for services. In most cases, you must include in income the part of any scholarship or fellowship that represents payment for past, present, or future teaching, research, or other services. This applies even if all candidates for a degree must perform the services to receive the degree.
To enter scholarships, grants, stipends NOT INCLUDED on your Form 1098-T:
To enter scholarships,
grants, stipends NOT INCLUDED on your Form 1098-T:
Type scholarships in the search box and click search.
To enter scholarships, grants, stipends INCLUDED on your Form 1098-T:
Related information:
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
77aa3cb72278
New Member
SoCalRetiree
New Member
crystaloconnor10
Level 1
minike
Level 2
tf35sc
Level 1
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.