I received my form last week and was pretty much anticipating a credit, but unfortunately, box 5 for scholarships and grants has a higher amount than box 1 (qualifying expenses) and I was told the difference would have to be added to my gross income and taxed. Box 1 is
$4,615 and box 5 is $6,172. However, I am unsure how to do this? Once I go through adding the form, will it automatically tell me what I owe and the $1,557 difference would be added to my gross? Or is there a specific place where I need to add this number? I'm not sure how else to go about this...unless there's a loophole where I can receive some money but also pay the tax.
Unrelated but would it also be easier to pay for the $40 deluxe version of Turbotax as well? The free version asks a lot of questions and I assumed the numbers would just do the work once I put the ein in but it doesn't.
