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Deductions & credits
You can file thru TurboTax, online.
In TurboTax, you have to use a workaround. There are several ways to do it. The simplest way is just change the box 5 amount (at the 1098-T screen) to get it to work. Lying to TurboTax to get it to do what you want does not constitute lying to the IRS.
Using an example. Box 1 is $10,000 and box 5 is $20,000 and you paid $1800 in other expenses. Change box 5 to $8800. That way it appears you paid $1200 in tuition, out of pocket (1800 + 1200 = the $4000 you need to qualify for the maximum AOTC).
On his/her own tax return, your child reports $11,200 (20,000 - 8800) as taxable scholarship. At the 1098-T screen she enters 0 in box 1 and $11,200 in box 5
In TurboTax, you have to use a workaround. There are several ways to do it. The simplest way is just change the box 5 amount (at the 1098-T screen) to get it to work. Lying to TurboTax to get it to do what you want does not constitute lying to the IRS.
Using an example. Box 1 is $10,000 and box 5 is $20,000 and you paid $1800 in other expenses. Change box 5 to $8800. That way it appears you paid $1200 in tuition, out of pocket (1800 + 1200 = the $4000 you need to qualify for the maximum AOTC).
On his/her own tax return, your child reports $11,200 (20,000 - 8800) as taxable scholarship. At the 1098-T screen she enters 0 in box 1 and $11,200 in box 5
‎June 4, 2019
5:03 PM
3,632 Views