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1098-T Income?
My son - who is not a dependent - is getting his PhD in Chicago. He got his 1098-T for 2020 with box 1 filled for over $30K. All that money was spent on tuition - he got a free ride. It appears as though he's being taxed on the entire amount. He also gets a $20K stipend which he is correctly being taxed on. Between the 2; it's like he's made over $50K. Which I believe is incorrect. is there a way to have it so he's not taxed on the amount in the 1098-T form?
Thanks
March 7, 2021
1:13 PM