You will treat it as receiving a scholarship or fellowship to offset your qualified education expenses if there are any. Per IRS, you are required to file Form 1040 to report your scholarship amount along with your tuition. If you have paid any qualified tuition expenses out of pocket or with scholarship, you would enter information by following the steps below.
In TurboTax online edition,
- Sign in to your account, select Pick up where you left off
- At the right upper corner, in the search box, type in "1098t" and Enter
- Select Jump to 1098t
- On the screen, Now Let's gather XYZ's Additional Education Expenses
- Follow prompts
- Next screen, Your Education Expenses Summary, select Edit
- Next screen Here's Your Education Summary, under Tuition, select Edit to enter tuition information
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