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Education
It may be better to report the income as "Scholarship" income rather than "other income" on line 21 of form 1040 (Schedule 1). This is particularly true if you can be claimed as a dependent by your parents.
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Scholarship income is reported on line 1 of form 1040, with the notation "SCH" and counts as earned income for purposes of the standard deduction calculation for dependents. It is not earned income for the EIC or qualifying for IRA contributions
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Scholarship income is reported on line 1 of form 1040, with the notation "SCH" and counts as earned income for purposes of the standard deduction calculation for dependents. It is not earned income for the EIC or qualifying for IRA contributions
‎June 1, 2019
11:36 AM