Hi. I am single, not a dependent, and a full-time student.
My 1098-T shows:
• Box 1 (Qualified Expenses): $57K
• Box 5 (Scholarships/Grants): $76K
I want to allocate $4K from my scholarship to room & board (since my scholarship has no restrictions on this) so I can use the nonrefundable portion of the AOTC. Even after reallocating, my scholarship still exceeds my qualified expenses.
1. Can I still claim the nonrefundable AOTC in this case?
2. How do I report this in TurboTax? Should I:
• Adjust Box 1 (reduce by $4K)?
• Adjust Box 5 (reduce by $4K and report it as “Other Scholarship”)?
Thanks!
