23-year old, full-time dependent student received a 1098-T with Scholarships/Grants exceeded tuition by $1200. I entered it in my taxes as the parent but because of the excess, it says Education Assistance counts as taxable income if education expenses are exceeded, dependent child must file taxes.
Is this correct? Dependent child has no other income to report and was not planning on filing for 2024.
I want to make sure this is correct.
Also, for future reference, is there a threshold or minimum amount that when over will not need to be filed?
Thanks
