Hello- I was given advice yesterday but seem to need a quick follow up. We have twins who are freshman this year. This was recommended
You essentially have to use a work around in TurboTax (TT). Here's how I would do it. Enter the 1098-T, on your return, but only enter $4000 in box 1. No other numbers. You only enter the 1098-T to get TurboTax to check the proper box on form 8863
Enter the 1098-T, exactly as received, on the student's return. Enter book expenses separately. In his interview, you should eventually reach a screen called "Amount used to calculate education deduction or credit" Be sure the amount in that box is $4000. That will put all his excess scholarship as income on his return.
I have done all of that but my question is: Do I also enter expenses on my return? Room and board, computer etc even though I entered it on my sons??? Or do I just enter it one time and if so on whos return?
Thank you
