My daughter (filing single and not as our dependent) got a 1098-T form in 2018 and 2019 (which showed how much tuition she paid and how much she received in grants) . In both cases, Box 1 (tuition she paid) exceeded Box 5 (grant money).
In 2018's 1040 tax return, Box 5 amount on 1098-T was not included under wage, salaries income (box 1 of 1040 form) but in 2019, it was! Why? How do I fix that because the support form on TurboTax is filled out the same was as last year's return.
You'll need to sign in or create an account to connect with an expert.
suggest going back and checking all of the inputs...... if Box 5 exceeds Box 1 then the net should show up as income on Line 1 of form 1040. if it's the other way around it shouldn't,
are you saying that BOX 5 is the amount that is showing up on Line 1 / Form 1040?????
It depends.
Scholarships are taxable if used for the following items:
Scholarships are not taxable if used at an eligible school for a degree if:
You can check your input and make any allocations by doing the following:
Go to the Federal interview section.
Select Edit to the right of Scholarships/Grants (for all schools).
You will be able to allocate the amount of the scholarships used or not used for room and board as you go through the screens. It should look similar to the picture below.
@JotikaT2 - i appreciate the time you took to provide your detailed post... however, under the assumption that the school completed the 1098T correctly,
This is what should already be in Box 1:
This is what should already be in Box 5:
These items are already not represented in either Box 1 or box 5 (and shouldn't be represented)
As long as @Sagnest punched in the 1098T correctly, the error should be elsewhere. Did you by chance indicate that your child CAN BE your dependent? that could be the source of the error.
If Box 1 (tuition ) exceeded Box 5 (scholarship), you are correct there should not be SCH income on line 1 of form 1040. There is an entry error, somewhere. She may even be able to claim a tuition credit.
But, why is your daughter not your dependent?
Still have questions?
Questions are answered within a few hours on average.
Post a Question*Must create login to post
Ask questions and learn more about your taxes and finances.
MasterTarl
New Member
riveroceanandearth
New Member
in Education
AAron777
New Member
newkat2000
New Member
chantillytax
Level 2