Hello. I did not receive a 1098-T form for the 2024 school year because my financial aid exceeded my tuition cost. Therefore, I received a school refund for the Fall 24 semester. In 2024, I made over 30k in income. Am I still required to file taxes to report my excess financial aid? If so, how would I even input this into TurboTax without a 1098-T form? I am completely lost. Thank you!
Q, Do I need to report excess financial aid if I never received a 1098-T from my college?
A. Yes.
Q. In 2024, I made over 30k in income. Am I still required to file taxes to report my excess financial aid?
A. Yes. At $30K income, you are already required to file. You are now required to add the taxable portion of the scholarship to your tax return.
Q. If so, how would I even input this into TurboTax without a 1098-T form?
A. Enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section).
After answering no to having a 1098-T, answer yes to qualifying for an exception (that gets you to the entry screens). Then follow the interview*. Enter the scholarship amount and all your off setting expenses (tuition, fees, books and a computer, if you bought one). Room & board are not qualified expenses.
This will put the taxable scholarship amount on line 8r of Schedule 1 (this line was added in 2022).
*Alternatively, there is a short cut. If you already know the taxable amount, enter a 1098-T with the taxable amount in box 5 and box 1 blank. Enter no other numbers. The "fake" 1098-T is not sent to the IRS.
Q, Do I need to report excess financial aid if I never received a 1098-T from my college?
A. Yes.
Q. In 2024, I made over 30k in income. Am I still required to file taxes to report my excess financial aid?
A. Yes. At $30K income, you are already required to file. You are now required to add the taxable portion of the scholarship to your tax return.
Q. If so, how would I even input this into TurboTax without a 1098-T form?
A. Enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section).
After answering no to having a 1098-T, answer yes to qualifying for an exception (that gets you to the entry screens). Then follow the interview*. Enter the scholarship amount and all your off setting expenses (tuition, fees, books and a computer, if you bought one). Room & board are not qualified expenses.
This will put the taxable scholarship amount on line 8r of Schedule 1 (this line was added in 2022).
*Alternatively, there is a short cut. If you already know the taxable amount, enter a 1098-T with the taxable amount in box 5 and box 1 blank. Enter no other numbers. The "fake" 1098-T is not sent to the IRS.