Right now the 1040 is showing about $3000 that is taxable income that is added to the wages on line 1, where is the schedule that shows this. Then, the lifelong learning credit was not factored in from what appears, but again there is no schedule to see where this is. How do we get a copy of the schedule (breakdown) and also will IRS need a copy of this schedule, turbo tax did not provide anything but page 1 and 2 of the 1040, no other forms. Thanks!
The Form 1098-T that you entered should explain the entry of the taxable scholarship on line 1 of Form 1040. The scholarship amount reported in box 5 minus the payments received for tuition reported in box 1 would generally be the difference that is taxed on the Form 1040.
You do not need to include a copy of the Form 1098-T with your return because the IRS already has a copy on file. Keep the Form 1098-T for your records.
@cosscountry321
SCH by 1040 line 1 Wages is taxable scholarship income.
See FAQ
https://ttlc.intuit.com/questions/2172062-why-is-my-scholarship-taxable
and how Turbo Tax calculates it
https://ttlc.intuit.com/questions/1901084-how-does-turbotax-calculate-line-7-form-1040-1040a-and-line-1-1040ez-wages
Taxable scholarship is any grant or scholarship amount that exceeds qualified educational expenses (tuition, fees and for undergrads, course materials[books]). Loans are not scholarships and are never taxable
But where are the Schedule forms, will these not be needed to send to IRS. In another tax program, these are shown, why not turbo tax?
Hello ... SCH stands for Scholarship NOT a Schedule that needs to be mailed in ... it is simply a marginal entry indicating why the amount on line 1 is more than the W-2 totals and nothing more.
I understand this, but where are the forms that I can place with the 1040, this would be helpful for me....and concerned that IRS will need to see how this was calculated. Concerned that IRS will need this. Thank you!
The Form 1098-T that you entered should explain the entry of the taxable scholarship on line 1 of Form 1040. The scholarship amount reported in box 5 minus the payments received for tuition reported in box 1 would generally be the difference that is taxed on the Form 1040.
You do not need to include a copy of the Form 1098-T with your return because the IRS already has a copy on file. Keep the Form 1098-T for your records.
@cosscountry321
The question is what forms were used and where are they that I can include with my 1040, thinking these are
Form 8917 and schedule 1. Will these need to be included to send in with the 1040? How can I get a copy?
How do you get back into turbo tax to see what all was entered before it was finalized...this would be helpful!
Also my questions on the forms how can I get to these to place in my records and send in with the 1040?
I need to check in Turbo to see if the lifelong learning credit was given. How can I see this now that it has been completed?
Meanwhile, when calculating my own form 8863 w/schedule 3 and credit limit workshet, it appears I should receive the lifelong credit of $2000. I attend 2 unv., had $44,000 in actual wages. School 1 had $12,000 rec'd qualified tuition/expenses paid in student loans and then $4000 on scholarships (108-T). School 2, all tuition/fees paid w/scholarships and $14000 left over of scholarships.
After offsetting the taxable $14 of scholarships on Line 1 with books, line 1 of 1040 b/c $47,000...so total taxable income is $3,000).
After completing Adjusted Qualified Tuition expenses worksheet form 8863, the lifelong credit should be $2,00. Is this correct. The worksheet only asked about inputs of tax-free educational assistance so the $14,000 of taxable scholarship on worksheet. Is this correct. Seems so, the $14,000 is accounted for in Line 1 of 1040, where after offsetting, $3,000 of scholarships is added taxable income.
Is this correct, why did TT not place the the $2,00 on line 13G of for 1040? How can I see this now, where are the calculations done on the forms, where are the forms?
I need to check in Turbo to see if the lifelong learning credit was given. How can I see this now that it has been completed?
Meanwhile, when calculating my own form 8863 w/schedule 3 and credit limit workshet, it appears I should receive the lifelong credit of $2000. I attend 2 unv., had $44,000 in actual wages. School 1 had $12,000 rec'd qualified tuition/expenses paid in student loans and then $4000 on scholarships (108-T). School 2, all tuition/fees paid w/scholarships and $14000 left over of scholarships.
After offsetting the taxable $14 of scholarships on Line 1 with books, line 1 of 1040 b/c $47,000...so total taxable income is $3,000).
After completing Adjusted Qualified Tuition expenses worksheet form 8863, the lifelong credit should be $2,00. Is this correct. The worksheet only asked about inputs of tax-free educational assistance so the $14,000 of taxable scholarship on worksheet. Is this correct. Seems so, the $14,000 is accounted for in Line 1 of 1040, where after offsetting, $3,000 of scholarships is added taxable income.
Is this correct, why did TT not place the the $2,00 on line 13G of for 1040?
How can I see this now, where are the calculations done on the forms, where are the forms?
How can I get back into TT to get these forms?
Will IRS need the forms, I need a copy for my records, how can I see these?
Log in and if you are not taken back into the account then scroll down and click on ADD A STATE ... then use the print center to review everything including the worksheets.
You can peek at only the Federal form 1040 and the summary of the state info by going here:
1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"
Then hit the "Back" on the left side to get back to your tax entries.
To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.
To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.
Thank you for this much, but what is needed are the calculations that are shown on the schedule 3, etc. how do I get this. Thank you!
oops, I am looking for the calculations on the lifelong credit to see if it is calculated, this is why I need to see the forms, how do I get to this. I have paid already and all is ready to file, just need to see this before mailing. Thank you.
The program produces worksheets for almost everything ... look for the one you seek by saving a PDF with the worksheets.
If you are NOT IN the account then scroll down and click on ADD A STATE to open the return up then use the PRINT CENTER.
The worksheets, yes that is what I am trying to say that I am looking for....but where are they. I get back in and do all the instructions, but still no worksheets....what am I missing, I can see the tax summary and that is it....please advise. Thanks so much.
To access your current year online tax returns sign onto the TurboTax website with the userID you used to create the account - https://myturbotax.intuit.com/
When you sign onto your online account and land on the Tax Home web page, scroll down and click on Add a state.
This will take you back to the 2019 online tax return.
Click on Tax Tools on the left side of the online program screen. Then click on Print Center. Then click on Print, save or preview this year's return. Choose the option Include government and TurboTax worksheets
@crosscountry321 wrote:I need to check in Turbo to see if the lifelong learning credit was given. How can I see this now that it has been completed?
Meanwhile, when calculating my own form 8863 w/schedule 3 and credit limit workshet, it appears I should receive the lifelong credit of $2000. I attend 2 unv., had $44,000 in actual wages. School 1 had $12,000 rec'd qualified tuition/expenses paid in student loans and then $4000 on scholarships (108-T). School 2, all tuition/fees paid w/scholarships and $14000 left over of scholarships.
After offsetting the taxable $14 of scholarships on Line 1 with books, line 1 of 1040 b/c $47,000...so total taxable income is $3,000).
Are you saying that your total scholarships are $3000 more than your total tuition and fees?
If so, you don't necessarily qualify for the Lifetime Learning Credit. You would not have any tuition to qualify for the credit, which would mean $0 credit. There is an option to intentionally make MORE of the scholarships taxable which would then allow the credit, but causing more scholarships to be taxable would also increase your income tax.
I think what you are trying to do is make some of the scholarship taxable so you are eligible for the LLC... if so the program may not have understood what you were doing. On the other hand, the LLC will only negate your federal tax liability ... it is not refundable. Review the return carefully ... it that what happened ?
The $3,000 is taxable (after counting for the qualified tuition and books, equipment). So how can this be fixed? Is this the right way to do the Adjusted Qualified Education worksheet, do you include taxable scholarships or just tax-free on the worksheet (so the $3,000 would not be included on the worksheet)?
Also, what does "not" refundable mean?
How much scholarship would need to be taxable in order to be eligible for the credit?
OK ... what is your goal ??? Your tax liability is already at zero so what is to gain ??? Even if you raised your income in order to generate some tax liability so the LLC can negate it you will still be at the same place ... ZERO. This is like saying let's walk around the block to get back to the place we currently are. Look at the form 1040 ... is line 12a a zero ... if so you are done.
nonrefundable = cannot be refunded ... it can only negate tax and cannot be added to the refund like the AOTC you may have had in the past.
Thanks....the amount is $4,000 on 12a on the 1040. Can you help?
Ok ...so you have a tax liability. But you also said you had taxable scholarship reported on line 1 ... if that is the case then you are not eligible for a credit since your SCH money was greater than the qualified expenses. Review the education credit section again carefully for input errors. Also if you are being claimed as a dependent the LLC is not allowed ... review that as well. You may want to delete that section and try it again. Review the forms and the worksheets carefully ...
You can peek at only the Federal form 1040 and the summary of the state info by going here:
1) lower- Left side of the screen...click to the left side of the "Tax Tools" text selection.
2) then select "Tools"
3) then select "View Tax Summary" from the pop-up
4) then back to the left-side and "Preview 1040"
Then hit the "Back" on the left side to get back to your tax entries.
To view your entire return using the online editions (including the state) before you file, you will need to pay for your online account.
To pay the TurboTax online account fees by credit card, without completing the 2019 return at this time, click on Tax Tools >>> Tools and then Print Center. Then click on Print, save or preview this year's return. On the next page, to pay by credit card, click Continue. On the next screen it will ask if you want Audit Defense, if you do not want this option just click on the Continue button. The next screen will ask for all your credit card information so you can pay for the account.