I'm still debating/reading/researching on how to handle my son's 1098T as graduate assistant. Here's the bottom line: 1098T boxes 1 and 5, $7748. Tax software questions ask me this: "You told us that you have $7748 of scholarships, grants or other other aid. What portion, if any, of the $7748 was employer tuition assistance?" ALL OF IT WAS. I put in $7748 in the box "employer tuition assistance." Going forward:
"Now tell us if you're including ANY of your remaining grants and scholarships in income." "why you might want to do this" Another box: " grants or scholarships you're including in income." _______??? Don't know what to put in there? If I put in the whole $7748 I get the $2,000 LLC, which I'm told is not correct. If I put in $5250, I get $1500 LLC. If I put in $2498 (difference between $7748-$5250) I get another figure for LLC.
I really still don't understand this whole situation, and I'm sorry to keep harping on this again and again, so I'm just asking WHAT amount to put into the SECOND BOX which asks grants or scholarships you're including in income????
This is very important to my son, who technically can owe IRS $2,000 without this LLC!!! Thank you.
