My son who is a 2nd year full time college student received his 1098t form. Box 1 shows 6xxx and box 5 9xxx. He only paid approx 500 dollars out of pocket for books. The rest of the monies went towards on campus dorming. He had gotten maybe 600 in checks. (Actually don’t even know if he needed student loans at this point because we never received an updated breakdown of costs, grants scholarships.) My main question is, how much, if any does he have to claim as taxable income on his own return? Also, I keep reading about a tax loop hole for him claiming his scholarships as income and that way would qualify me for the credit? I was told by a supposed tax professional that he didn’t need to file taxes for the excess money? I’m so confused
