please help us figure this out. We'd like to have our son claim the extra $2000 in scholarships that exceeded tuition/fees because obviously his tax rate is lower. Can we do this? (I've heard that kids pay this at their parents tax rate; hoping to avoid that!)
Student: income 7000$ Age 20; dependent. he's filing taxes and will receive a small amount back.
scholarship amount exceeding tuition/fees: $2000.
Books for two semesters: $700 that arent on 1098t
please clear up how this all works! who pays the taxes on this amount? where do we put it on his tax form? or on our tax form? very appreciated!
