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I think i entered post secondary school 1098-t info incorrectly. I dont think the grant/scholarship shpuld be taxable. I also have to adjust his expenses for books
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posted
June 5, 2019
10:54 PM
last updated
June 05, 2019
10:54 PM
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I think i entered post secondary school 1098-t info incorrectly. I dont think the grant/scholarship shpuld be taxable. I also have to adjust his expenses for books
You can just go back and recheck your answers and input new information.
Your scholarship may or may not be taxable. Generally speaking, a scholarship or fellowship is tax free if you are a degree candidate and the award is used to pay for tuition and required fees, books, supplies and equipment, however there are some scholarship and fellowship opportunities that are not tax exempt. Any amounts used to pay for room and board and a stipend for living expenses is taxable. There are also a variety of coordination restrictions that are intended to ensure that you don't double-dip when taking advantage of the Education Tax Benefits.
Relevant IRS Publication:
- IRS Publication 970: Tax Benefits for Education
June 5, 2019
10:54 PM
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