in Education
I have a taxable fellowship and a 1098T form. I tried uploading my 1098T form but it appears it is not being treated as a taxable fellowship. I thus tried entering it as "other income" but then my projected tax jumps a lot (more than other students have paid). Am I entering the information in the wrong place?
Also do I need to distinguish between fellowship and tuition/fees remission money?Both are listed in my 1098 and I read that the first 5000 is not taxable, but the amounts are combined in box 5 of the 1098. Do I need to list them in separate areas?
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Please follow these steps to enter information from your 1098-T:
Your tuition waiver will be tax-free to the extent that it offsets qualified tuition and fees reported in either Box 1 or Box 2. Any amount reported in Box 5 that is in excess of your qualified tuition and fees will be taxable income. TurboTax will transfer that amount to Form 1040, where it will appear with the notation "SCH" beside it.
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