selfdb
New Member

Scholarship towards tuition or room & board?

Our son received avscholarship, student loan and parent loans to pay for college.  Can we decide allocation of scholarship towards tuition instead of room & board? If tuition exceeds the scholarship amount, can we say all of the scholarship went to tuition and the room & board was paid with the loans? I know room & board does not count as expense.
‎June 6, 2019 4:46 AM
0
1 Reply
406 Views
Reply
Bookmark Icon
Marketstar
Level 7

Education

TurboTax will automatically "assign" the scholarship to tuition, fees, books, and course related materials to compute taxable income or an educational deduction/credit.

If the scholarship exceeds qualified education expenses, you will have taxable income. If not, you may be eligible for and educational deduction or credit.

See Qualified Educational Expenses

‎June 6, 2019 4:46 AM
0
397 Views
Reply
Bookmark Icon