topic Re: College in Education

College

rfboseman — Thu, 03 Oct 2019 13:47:03 GMT

My daughter was a freshman in college last year and was awarded a scholorship that covered 90% of her tuition. Why is it saying that her scholorship counts as income and she needs to fil out a W2 and report 14,000 as taxable income. This is confusing. The scholorship paid for room and board, books, and other fees. My out of pocket expense was her meal plan.

Re: College

DoninGA — Thu, 03 Oct 2019 13:51:04 GMT

See this TurboTax support FAQ for information on why scholarships may be taxable income - https://ttlc.intuit.com/community/college-and-education/help/why-is-my-scholarship-taxable/01/26267

Re: College

rfboseman — Thu, 03 Oct 2019 14:04:32 GMT

So, how does this work? How can this be written off? I've got friends who's kid got the same amount and they did not have to complete a W2 for the child and it was not counted as income for them.

Re: College

DoninGA — Thu, 03 Oct 2019 14:21:43 GMT

See the answer provided by @Texas Roger here - https://ttlc.intuit.com/community/college-education/discussion/questions-about-scholarships-and-taxes/00/832153

Re: College

DoninGA — Thu, 03 Oct 2019 14:27:42 GMT

Also see this TurboTax Tax Tip - https://turbotax.intuit.com/tax-tips/college-and-education/taxes-for-grads-do-scholarships-count-as-taxable-income/L2hWn0lpe