Hello. I want to clarify something. we are claiming my son as a dependant and are thus using the 1099-T on our own tax form. I assume this is correct and allowable. We've already done this in turbo tax without errors. But he may have taxable grant income. TT did ask us this and we said yes. TT then instructs us that this income should be reported on my son's tax return. So just verifying that this is correct and allowable, - we CAN report my son's 1099-T on OUR tax return and his grant income on HIS tax return. Thanks.
Also, is Grant income determined STRICTLY by the 1099-T Form Box 1 & Box 5? If Box 5 is greater than Box 1, you have report-able grant income? I ask because itemized expenses show part of what is in Box 1 (Payments Received for qualified tuition and related expenses) does actually contain payments for Room & Board and his grant does pay for a portion of that. Should we just go by Box 1 & Box 5 and it showing Box 1 greater than Box 5 and no reportable income?
