Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
cancel
Showing results for 
Search instead for 
Did you mean: 
helpwturbo
New Member

Daughter in college. Got a nice scholarship. one to pay for her books, supplies, tuition, the rest of it came for living expenses, in a separate document total. It says w

we cannot take any credits. I think that is incorrect based on the reasons why. I want to verify, and also learn how to correct the issue. This is the reason I bought the turbotax program.
1 Reply
SeanE1
New Member

Daughter in college. Got a nice scholarship. one to pay for her books, supplies, tuition, the rest of it came for living expenses, in a separate document total. It says w

You should have received a 1098-T from your daughter's college.  Then, if you claim your daughter as a dependent on your income tax return, you should enter the 1098-T so that you receive any education credit that would be available to you.  If Box 5 (Scholarships/Grants) is greater in its amount compared to Box 1 (Payments Received) or Box 2 (Amounts Billed), your daughter would also include the 1098-T on her own tax return.  The reason for this is the IRS views any excess of Box 5 over Box 1 or Box 2 as taxable income to the student.

Dynamic AdsDynamic Ads
Privacy Settings
v