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blvck_gvd
New Member

What are reimbursement of college tuition and fees because i received financial aid then i got reimbursed for the money that i had leftover and used it for transportation

 
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2 Replies
Carl
Level 15

What are reimbursement of college tuition and fees because i received financial aid then i got reimbursed for the money that i had leftover and used it for transportation

The IRS does not "reimburse" college tuition/fees. You only get to deduct it from your taxable income, thus reducing your tax liability. Were you a student in 2017, enrolled as a full time student and under the age of 24 on Dec 31 of the tax year?
Hal_Al
Level 15

What are reimbursement of college tuition and fees because i received financial aid then i got reimbursed for the money that i had leftover and used it for transportation

College aid that exceeds qualified expenses (tuition, fees and books) is taxable income. The "reimbursement" of "leftover" money should be reported as income on our tax return. It goes on line 7 of form 1040 (or 1040A) with the notation SCH.

In TurboTax, you enter at educational expenses. Usually  the difference between box 5 and box 1 (or box 2) of your form 1098-T is the taxable amount and you do not need to enter anything other than the 1098-T.  If the 1098-T does not accurately show the taxable amount, you will reach another screen in the education interview to enter additional scholarship amounts.

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