ThomasM125
Expert Alumni

Business & farm

You should report the scholarship income on your tax return, as it may be taxable.

 

The scholarship income should be reported in box 5 of your Form 1098-T. The school is responsible for keeping track of your scholarship income and it is reported on that form. It wouldn't matter if the scholarship was from a non-profit or not, it will be taxable to the extent you don't use it for qualifying education expenses. When you work through the education and scholarship entry screens in the Education section of TurboTax, you will be asked questions to determine what portion if any of your scholarship income is taxable.

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