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Retirement tax questions
What that means is that the scholarship amount will be subtracted from the tuition amount in order to calculate any credits.
If the amount in box 5 is $20,000 and the amount in box 1 is $25,000 then you can only get a tuition credit for the $5,000 that was paid over the scholarship amount. If the school paid it then you can't get credit for it. And, unfortunately, room and board isn't deductible.
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‎January 26, 2023
12:00 PM