It depends. First of all, you shouldn't be doing any subtracting or calculation on your own. If you put in the numbers in Box 1 and 5 of your 1098T, Turbo Tax will do all the necessary calculations.
If you have more Scholarship money than expenses, you can adjust the money in accordance with the questions in the interview. When you get to the Education Summary page, click on Scholarships.
- It will ask if you received a scholarship or grant, here if the amount in box 5 appears in this statement, press continue. Don't answer any other questions.
- Next question asks, if any of the scholarship money includes amounts not awarded for 2020 expenses. This you would need to find out from the school or if there is a supplementary disclosure statement included with the 1098T. if you can't find out any information, just say no. Tis is immportant
- Next question asks if you paid room and board with the scholarship money. if you say yes, this will reduce the taxable income from the excess amount of the scholarship, if this pertains in your case.
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