topic What does SCH 1201 mean? in Business & farm

What does SCH 1201 mean?

maverickn1 — Sun, 09 Feb 2020 16:27:54 GMT

Re: What does SCH 1201 mean?

KathrynG3 — Sun, 09 Feb 2020 16:55:15 GMT

Where are you seeing "SCH" on your return? If this is by line 1 and added into your income, it is because the scholarship reported exceeded the tuition.

See IRS 2019 Form 1040 Instructions page 21

For more help entering Form 1098-T from college click this article: How do I enter Form 1098-T?

Re: What does SCH 1201 mean?

VolvoGirl — Sun, 09 Feb 2020 16:59:11 GMT

By 1040 SCH means taxable scholarship income and 1201 is the amount added to your wages on line 1.

See FAQ

https://ttlc.intuit.com/community/college-and-education/help/why-is-my-scholarship-taxable/00/26267