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Education
Thank you for the answer, could I ask for some additional details?
My 1098T Box 5 is my tax-free grants (Pell) + scholarships which can be used to cover college room&board / meals. However, I know these are not considered as qualified education expense (tuition, books). In this case where I used the grant to pay for college dorm, am I still not allowed to voluntarily record the grant/scholarship as misc income? I then report the eligible expenses to qualify for the AOC credit in this case.
The reason I posted this question is because I read about this method on other tax and financial websites. I wanted to ask how they were able to do report taxes this way. Thank you!
* I added the reference links (taxact) to a pdf because the forum does not allow me to type it here. I believe it's treated as a personal number.
My 1098T Box 5 is my tax-free grants (Pell) + scholarships which can be used to cover college room&board / meals. However, I know these are not considered as qualified education expense (tuition, books). In this case where I used the grant to pay for college dorm, am I still not allowed to voluntarily record the grant/scholarship as misc income? I then report the eligible expenses to qualify for the AOC credit in this case.
The reason I posted this question is because I read about this method on other tax and financial websites. I wanted to ask how they were able to do report taxes this way. Thank you!
* I added the reference links (taxact) to a pdf because the forum does not allow me to type it here. I believe it's treated as a personal number.
‎June 1, 2019
12:51 PM