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What should I report if I am a part-time community college student who received money from the school?

 
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2 Replies
Hal_Al
Level 15

What should I report if I am a part-time community college student who received money from the school?

It may depend on what "received money from the school" means. 

 

But, in general; scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials) is tax free.  Scholarship amounts that exceed QEE is taxable income, on the student’s tax return. Room & board are not QEE.

If box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses.

 

Enter your 1098-T 

In TurboTax (TT), enter at:

Federal Taxes Tab (Personal for H&B version)

Deductions & Credits

-Scroll down to:

--Education

  --Education Expenses and Scholarships (1098-T)

 

TT will calculate the taxable amount and put it on line 8r of Schedule 1. 

Hal_Al
Level 15

What should I report if I am a part-time community college student who received money from the school?

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