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Education
You should be able to e-file.
You will treat Form 1042- S as receiving a scholarship or fellowship to offset your qualified education expenses if there are any. You will enter the amount in box 5 on your Form 1098-T. If you have paid any qualified tuition expenses out of pocket, you would enter information by following the steps below. As IRS receives a copy of your Form 1042-S, you can e-file your tax return. You do not need to submit your Form 1042-S separately.
In TurboTax Online,
- After sign into your account and select Pick up where you left off
- At the right upper corner, in the search box, type in 1098t and Enter
- Select Jump to form 1098T
- Follow prompts
If you have paid in any tax withholdings, enter info so you will not be taxed twice. Here are the steps:
- At the right upper corner, in the search box, type in estimates paid and Enter
- Select Jump to estimates paid
- On the screen, "Estimates and Other Income Taxes Paid", select Other Income Taxes Paid / Withholding not already entered on a W-2 or 1099, to enter info
If your scholarship amount exceeds your tuition and other qualified expenses like books and supplies, the difference will be taxable as wages (SCH) on line 1 of your Form 1040.
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