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sjetty
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Educational credit qualifications and Fulbright scholar program

Education deduction

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1 Reply
KellyG
New Member

Educational credit qualifications and Fulbright scholar program

To report scholarship income in Turbo Tax, you must visit Deductions and Credits, Education Expenses section. You must answer all the questions, the taxable amount will be computed as the excess of your scholarship over the qualified education expenses. It will be reported on line 7, form 1040, with a note “SCH” in the margin next to line 7.    Hope this Helps..

1.       Deduction& Credits, Jump to Full List

2.       Scroll down to Education

3.       Select Expenses and Scholarships

4.       Follow the prompts… It will be somewhat confusing as you are answering the questions as if you claim an education credit… answer the initial questions and select that you did not receive form 1098-T. You will be asked for school’s name and address, just fill out the foreign program information you are in... Leave fields blank that ask about the tuition paid and billed, eventually you will be directed to the Scholarship or Grant screen where you can report your scholarship.

Additionally, you should visit Foreign Earned Income and Exclusion to see if you qualify to exclude your foreign wages. (You mention being in a foreign country less than a year, you must be physically present in a foreign country or countries for at least 330 full days during the 12-month period to qualify for exclusion)

1.       Wages and Income, Jump to Full list

2.       Scroll down to Foreign Earned Income and Exclusion. You will be able to indicate that you do not have a W-2 but a statement from your foreign employer (this option also includes cash).  Follow the prompts and please be sure to report the income in U.S. dollars. 

If your employer provided funds for lodging and meals, you may be able to qualify for the housing exclusion. Turbo Tax will ask you questions about that in Foreign Earned Income and Exclusion section.  Otherwise, the airfare, lodging and meals are not deductible.

Hope this Helps

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