- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If scholarship info is entered where turbotax prompts you for 1098-T do I need to enter it as income or will the software understand difference between awards & expenses?
Topics:
3 Replies
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If scholarship info is entered where turbotax prompts you for 1098-T do I need to enter it as income or will the software understand difference between awards & expenses?
If you enter the scholarship income here, you will not have to enter it elsewhere. Do not enter scholarhips reported on w-2's though during the education interview, they must be entered during w-2 interview. All others enter during education interview.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If scholarship info is entered where turbotax prompts you for 1098-T do I need to enter it as income or will the software understand difference between awards & expenses?
So lets say 35K total in scholarships, 22K tuition, 2K for qualified expenses, and 5K for room/board. I never entered the remaining 6K anywhere, as there was no remaining part asking for it on the education interview. Does the software automatically deal with this or do I need to enter just the 6K as income somewhere?
- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
If scholarship info is entered where turbotax prompts you for 1098-T do I need to enter it as income or will the software understand difference between awards & expenses?
There is a section of the interview that asks Did your aid include amounts not awarded for 2018 expenses?. That is where you enter it. Then the next question is about room & board as it's also other personal income and taxable portion of the scholarship. Both sections will end up income. Note that scholarship income is considered earned for things such as IRA's and taxes, but also unearned and subject to kiddie taxes, make sure to answer the questions within the kiddie tax interview.
**I don't work for TT. Just trying to help. All the best.
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
***Say "Thanks" by clicking the thumb icon in a post and that I solved your question
**Mark the post that answers your question by clicking on "Mark as Best Answer"
Still have questions?
Make a post
Or browse the Forums