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My daughter,20yrs, has no W-2 but has 1098-T with $53000 in box 1 and scholarship 1,333 in box 5. How is this to be reported? I am claiming her as adependent
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My daughter,20yrs, has no W-2 but has 1098-T with $53000 in box 1 and scholarship 1,333 in box 5. How is this to be reported? I am claiming her as adependent
She won't have to file. Rather, on your return, you can use these figures to claim the American Opportunity Credit, provided that your income allows you to do so. Box 1 is Tuition paid, and box 5 is scholarship received. Since her expense is more than the scholarship, you may claim the balance as expense on your return. (One caveat is if expenses were covered through a 529 plan, which would be reported on a 1099-Q. If that is your situation, comment what is reported for the expenses).
Up to $4000 of qualifying expenses may be used to claim up to $2500 of credit ($1500 non-refundable, and $1000 refundable credit). For more information, please see this FAQ: https://ttlc.intuit.com/replies/5358150
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