You will treat Form 1042- S as receiving a scholarship or fellowship to offset your qualified education expenses if there are any. You will enter the amount in box 5 on your Form 1098-T. If you have paid any qualified tuition expenses out of pocket, you would enter information by following the steps below. As IRS receives a copy of your Form 1042-S, you can e-file your tax return. You do not need to submit your Form 1042-S separately.
In TurboTax Online,
- After sign into your account and select Pick up where you left off
- At the right upper corner, in the search box, type in 1098t and Enter
- Select Jump to form 1098T
- Follow prompts
If you have paid in any tax withholdings, enter info so you will not be taxed twice. Here are the steps:
- At the right upper corner, in the search box, type in estimates paid and Enter
- Select Jump to estimates paid
- On the screen, Estimates and Other Income Taxes Paid, select the right section to enter information
If your scholarship amount exceeds your tuition and other qualified expenses like books and supplies, the difference will be taxable as wages (SCH) on line 1 of your Form 1040.
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