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Level 1
posted May 3, 2021 10:12:25 PM

My 1040 line 1 – doesn't match the W-2 info I entered, and references a ‘Sch 2704’. There is no schedule 2704 in my return package?

There is a form 8615 showing an amount on line 1 as $2704 (coincidence?) but I didn’t provide that number either.  And on  8615m it is an entered number, not calculated.  How will the IRS follow this if I can't?

0 5 981
5 Replies
Level 15
May 3, 2021 11:10:49 PM

are you a dependent or a parent? there should no 8615 if you are a parent.  are there any letters like DCB on line 1 of the 1040? in your return, there should be a W-2, W-2G summary in Turbotax that should show what's included in your line 1 wages.  

Level 15
May 4, 2021 5:19:56 AM

SCH  stands for taxable Scholarship income of 2704 which was added to the wages on that line.  

Level 1
May 4, 2021 10:26:31 AM

"SCH  stands for taxable Scholarship income".  Thanks, I appreciate your knowledge of what Intuit does without they providing a clear explanation ANYWHERE.  I can't imagine ANYONE would have guessed SCH = taxable scholarship income.  Certainly feels like Intuit could do a better job documenting what you have somehow learned.

Level 15
May 4, 2021 10:36:36 AM

It is all document in the 1040 instructions.  Page 24

https://www.irs.gov/pub/irs-pdf/i1040gi.pdf

 

If TurboTax documented everything it would be hundreds of pages long.

 

1040 Line 1

Scholarship and fellowship grants not reported on Form W-2. Also enter “SCH” and the amount on the dotted line next to line 1. However, if you were a degree candidate, include on line 1 only the amounts you used for expenses other than tuition and course-related expenses. For example, amounts used for room, board, and travel must be reported on line 1.

 

 

 

 

 

 

Level 1
May 6, 2021 10:07:51 PM

so I'm paying for turbotax so I don't have to look at irs forms and instructions and you are telling me, that to get  an explanation of what turbotax is doing..

I should look up the irs instructions???

turbotax could put a link with the explanation where something isn't readily apparent.