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Scholarships used for qualified educational expenses (QEE) (tuition, fees and course materials) are tax free and not reported on tax returns. Scholarships used for room and board, travel and other personal expenses is taxable income. The taxable portion of scholarships is reported on the student's tax return (not the parents'), even if the student is still his parent's' dependent. The taxable scholarship should show on line 1 of the 2018 form 1040 with the notation SCH. Prior to 2018, SCH was on line 7 of form 1040 or 1040A or line 1 of form 1040EZ
If you'll log into your college student account and go to the financials section, you'll find all you need there. If you have scholarships/grants and you didn't report them on your tax return, then your parents had to report them. If you were claimed as a dependent on your parent's tax return then with very very *VERY* few exceptions, your parents would have reported them on their tax return.
You can also ask your parents as they should be able to provide you that information from their own return, directly.
Scholarships used for qualified educational expenses (QEE) (tuition, fees and course materials) are tax free and not reported on tax returns. Scholarships used for room and board, travel and other personal expenses is taxable income. The taxable portion of scholarships is reported on the student's tax return (not the parents'), even if the student is still his parent's' dependent. The taxable scholarship should show on line 1 of the 2018 form 1040 with the notation SCH. Prior to 2018, SCH was on line 7 of form 1040 or 1040A or line 1 of form 1040EZ
Great answer! It took a lot of searches to find this just to find out it was on line 1, lol. Thank you!
Unless things have changed since my day, both the student and the parent can (???) create their own accounts on the fafsa website to access the same application. The student logs on and enter's their information and any other information they already know. Then the parents log on with their account credentials and complete their part of the application.
At least, that's how it worked when my kids were in college.
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