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Education
No, there is no specific form, but technically there is a specific place. It goes on line 7 of form 1040 (or 1040A) with the notation SCH. You do not add it at the W-2 screen*.
The LLC is a non-refundable credit (unlike the American Opportunity Credit). That is, you will not get $2000. Any tax liability calculated on your income will be only be reduced by up to $2000.
*In TurboTax, you do not enter the scholarship in the income section. Instead, you enter it under educational expenses. After going thru the 1098-T screen, you will reach a place to enter scholarships not reported on a 1098-T. You will be asked is any of the scholarships paid for room & board. Answer yes, even if you used it for something else, and enter $10,000.
The LLC is a non-refundable credit (unlike the American Opportunity Credit). That is, you will not get $2000. Any tax liability calculated on your income will be only be reduced by up to $2000.
*In TurboTax, you do not enter the scholarship in the income section. Instead, you enter it under educational expenses. After going thru the 1098-T screen, you will reach a place to enter scholarships not reported on a 1098-T. You will be asked is any of the scholarships paid for room & board. Answer yes, even if you used it for something else, and enter $10,000.
‎June 4, 2019
3:03 PM