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If 1098 T showed more in scholarships than amounts billed for tuition and related expenses but the money is not given to student do they have to claim it as income?
Scholarship money goes directly to University not student.
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posted
June 5, 2019
10:46 PM
last updated
June 05, 2019
10:46 PM
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If 1098 T showed more in scholarships than amounts billed for tuition and related expenses but the money is not given to student do they have to claim it as income?
Unfortunately, the IRS views the excess of scholarship/grant amount over qualified tuition billed amount as taxable income to be included on Line 7 of an individual's tax return. I have included a few LINKs below that will further explain this issue if you are interested.
June 5, 2019
10:46 PM
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