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batgirl847
New Member

My parent entered 1098T on there taxes there was an excess of scholarship/grant money that I have to enter on my taxes of $2548 where do I put that?

I am claimed as a dependent.
2 Replies
DMarkM1
Employee Tax Expert

My parent entered 1098T on there taxes there was an excess of scholarship/grant money that I have to enter on my taxes of $2548 where do I put that?

First, enter the form 1098 information in the "Deductions & Credits" tab. Indicate you are being claimed as a dependent.  You also have the opportunity to enter any other qualified education expenses that were paid using the scholarship money.  Expenses like books and fees that are required for the classes will reduce the scholarship income.  

 

Once you complete that interview you will see a new category in the "Wages & Income" tab; the "Child's Income" topic.  You will need to "Review" that topic to complete the entry of the excess scholarship funds.

 

If you do not see the topic in the "Wages & Income" tab just scroll down to "Less Common Income" and "Show More" and "Start/revisit" the "Child's Income" topic.

 

 

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Hal_Al
Level 15

My parent entered 1098T on there taxes there was an excess of scholarship/grant money that I have to enter on my taxes of $2548 where do I put that?

 

The other reply is not correct.  It will not enter the income in the correct place for the correct calculation.

 

I assume you parents (via TurboTax) have already calculated that the taxable portion of your scholarship as $2548.

In TurboTax (TT), enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

-Scroll down to:

  --Education Expenses

At the 1098-T screen, enter $2548 in box 5 and leave box 1 blank. Enter no other numbers. 

 

That will put it on line 1 of form 1040 with the notation SCH2548. If you total income is less than $12,500, none of it will be taxable.  In fact, if your total income is less than $12,500, and consist only of wages and taxable scholarship, you are not even required to file a tax return.

 

If you try to enter it anywhere else, it ends up taxable. 

 

 

 

 

 

 

 

 

 

 

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