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Education
I have a similar situation to many folks here. I paid for my daughter's tuition in Dec 2019 for her 2020 spring classes (her final semester), but her 1098-T shows no payments in box 1 and 16K of scholarship in box 5. I have a couple of questions:
1. It seems that for my 2020 taxes, the entire 16K counts as income, is that correct?
2. If so, what is the best way to handle this? Can I have this reported on my daughter's taxes since she pays at a lower rate? My assumption is that I would then not be able to claim her as a dependent.
3. TurboTax asks how much of this was applied to my tuition, can I claim the entire scholarship amount even though I paid the tuition in 2019?
Thanks
May 17, 2021
7:21 AM