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Get your taxes done using TurboTax
Thanks for all the details. I fall under this circumstance:
"If the scholarships/grants exceed the qualified education expenses, then the student will report the 1098-T and all other educational expenses and scholarships/grants on the student’s tax return. The student will pay taxes on the amount of scholarships/grants that are not used for qualified education expenses."
When going through TurboTax it ask: "Did you pay for room and board with a scholarship or grant" I answer yes, it then request how much of the scholarships was used for this expense?
A couple questions about this:
1. what difference does it make since it is all unearned income?
2. When I put the full amount of scholarship money the tax was much greater then when I only put in the room and board amount, why? The amount of federal tax was double. Edit (30 mins later): I looked at the 1040 with both scenarios, and the amount I enter as room and board is the only amount marked with SCH next too it. I am not sure of the significance of this.
3. How do I determine the amount of room and board if the student lived off campus and a room and board amount is not in their bill from the bursar's office?
Thank you for your assistance and consideration.