lifelong credit

Forum|Forum|5 years ago
July 3, 2020
1 reply
6 views

Right now the 1040 is showing about $3000 that is taxable income that is added to the wages on line 1, where is the schedule that shows this. Then, the lifelong learning credit was not factored in from what appears, but again there is no schedule to see where this is. How do we get a copy of the schedule (breakdown) and also will IRS need a copy of this schedule, turbo tax did not provide anything but page 1 and 2 of the 1040, no other forms. Thanks!

Best answer by AnnetteB6

I understand this, but where are the forms that I can place with the 1040, this would be helpful for me....and concerned that IRS will need to see how this was calculated. Concerned that IRS will need this. Thank you!

The Form 1098-T that you entered should explain the entry of the taxable scholarship on line 1 of Form 1040. The scholarship amount reported in box 5 minus the payments received for tuition reported in box 1 would generally be the difference that is taxed on the Form 1040.

You do not need to include a copy of the Form 1098-T with your return because the IRS already has a copy on file. Keep the Form 1098-T for your records.

@cosscountry321

Critter-3

Level 15

SCH by 1040 line 1 Wages is taxable scholarship income.

See FAQ
https://ttlc.intuit.com/questions/2172062-why-is-my-scholarship-taxable

and how Turbo Tax calculates it
https://ttlc.intuit.com/questions/1901084-how-does-turbotax-calculate-line-7-form-1040-1040a-and-line-1-1040ez-wages

Taxable scholarship is any grant or scholarship amount that exceeds qualified educational expenses (tuition, fees and for undergrads, course materials[books]). Loans are not scholarships and are never taxable

crosscountry321Author

Level 2

But where are the Schedule forms, will these not be needed to send to IRS. In another tax program, these are shown, why not turbo tax?

Critter-3

Level 15

Hello ... SCH stands for Scholarship NOT a Schedule that needs to be mailed in ... it is simply a marginal entry indicating why the amount on line 1 is more than the W-2 totals and nothing more.