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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?
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5 Replies

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?

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.  

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?

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

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?

"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.

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?

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.

 

 

 

 

 

 

**Disclaimer: This post is for discussion purposes only and is NOT tax advice. The author takes no responsibility for the accuracy of any information in this post.**

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?

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.

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