1098-T scholarship income was included in line 1 on previous years' 1040 form. For tax year 2022, it is reported in a new income category, box 8r, of Schedule 1. This seems to have caused TT not to recognize the income is qualified for IRA contribution, per GSSA (graduate student savings act) passed in 2019.
When will TT resolve this issue? Please help!
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Our expert, SamS1, came up with this work around. Let's try this. It is cumbersome but usually works.
To report stipend income in TurboTax, you must visit Deductions and Credits, Education Expenses section. You must answer all the questions, the taxable amount will be computed as the excess of your scholarship over the qualified education expenses.
Once done, you may review your form 1040 and to verify that line 7 of the form looks correct. You may do so prior to paying for the program:
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