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Get your taxes done using TurboTax
When you enter the 1098-T and the scholarships in Box 5 amounts to 6453.86 more that the payments/expense amount listed in Box 1, the software will compute the difference as income and list it on your Schedule 1 line 8r.
The amount from Schedule 1 flows to your 1040 line 8.
Be sure to answer the interview questions correctly and do not indicate that the scholarship was used for a previous year.
Schedule 1 also calculates Self-Employment income and loss, so the scholarship income may be eliminated by a business loss or added to business income. The single amount of the scholarship income (by itself) will not show on your 1040.
You should look at your Schedule 1 line 8r.
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‎January 28, 2025
6:37 AM