in Education
I received a letter stating the fellowship I received is taxable. I am not a student. I understand that it is income. From reading all the previous posts- it seems like I am supposed to report under the Deductions & Credits 'Education' section. I've completed the rest of the tax info in turbo tax and must have inadvertently scrolled through some questions for the education interview, because I can't get back to the 'visit all' screen. I only see three options to choose from: ESA and 529 qualified tuition programs (Form 1099-Q), Expenses and Scholarships (Form 1098-T), Student Loan Interest Paid (Form 1098-E), how can I input the amount of the fellowship in the correct field?
Additionally, I went to the irs website that explains that this info goes on line 8r of the schedule 1 1040. I downloaded the form, completed it with the correct amount, and then tried uploading into turbo tax. Turbo tax did recognize the form and therefore could not pull the into into the software application onto my tax return.
I really don't know what to do.
Thanks for the help.
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Enter at Educational Expenses and Scholarships, under Deductions and credits (not the income section). If you've been there before, press update. You may need to delete what you previously entered and start over.
After answering no to having a 1098-T, answer yes to qualifying for an exception (that gets you to the entry screens). You will have to go thru the whole education interview to get to the scholarship screen. At the scholarship screen, enter the amount of the grant. When asked if any was used for room and board, answer yes. Then enter the amount you want to be taxable (usually all of it), in the pop up box. R&B are not "qualified educational expenses". So, this is how you tell TT that it is taxable. Note the wording at that screen “or other expenses”. You didn’t have to literally use the scholarship for R&B. This will put it on line 8r of Schedule 1
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