MaryK1- I have a question. I have a child with prepaid tuition and scholarships used for room and board. and fees and books.
Is this correct, 1098-T goes on the parents return (student is a dependent), where does the 1099-Q go?
Taxable scholarships are noted on parents return but reported on the students return. SCH will show up on 1040 for the taxable portion on the students 1040. box 1 of 1098-T says 8534 and box 5 says 11782.33. It is my understanding all of the 11782.33 is taxable except the mandatory fees which was only like $600 and books since most of box 1 was prepaid tuition. Can you get the AOTC if most of the scholarships are taxable used for room and board etc? Thanks so much
