- Mark as New
- Bookmark
- Subscribe
- Subscribe to RSS Feed
- Permalink
- Report Inappropriate Content
Education
Unfortunately, you cannot. You will have to pay taxes on the excess scholarships over tuition amounts.
You would have received a credit for 2016 based on the full amount of tuition paid for 2016 without being reduced by the scholarship that should have been received in 2016. If the college had not received the scholarship for 2016 it would not be reported on the 2016 Form 1098-T.
So for 2017, you are having to report that scholarship amount as well as the normal scholarship and tuition for 2017.
If you do not want to report the additional scholarship income on your 2017 income tax return, you could amend your 2016 return to include the additional scholarship amount there. But this would result in you having to repay the amount of credit that would have been offset by the scholarship.