I am a graduate student. Received 1098T for $50K. School paid me $15K to my bank account and did not give me 1099 or W2. I reported 1098T in deduction portion of TurboTax. I reported $14,500 as room and board expenses and books. Do I have to enter $15K anywhere else in TurboTax?
yes scholarship was in box 5 and i entered it in deductions part of TT. Do i have to enter part pf scholarship that was paid directly to my bank account in income part of turbotax?
No. As long as the total scholarship amount was in Box 5, and questions about use of the scholarship were answered correctly, TurboTax will report any taxable amount as income without you having to enter anything else.
