Yes, you should report all of financial aid (grants/scholarships), and any Qualified Education Expenses you may have had. Grants and/or scholarships are taxable income to the extent that they exceed qualified educational expenses to include tuition, fees, books, and course related materials.
Qualified educational expenses are deductible when they exceed grants and/ or scholarships.
To enter this information into TurboTax
- Log into your online account
- Click Take me to my return or Pick up where I left Off
- In the search box (located in the upper right hand corner), Type 1098-t (even though you don't have one)
- This will take you to the area that discusses education credits and scholarships
- Continue through the interview until you get to the Did (xxx) Receive a Scholarship or Grant in 2017? screen.
- Answer the questions as needed.