lifelong credit

[crosscountry321]

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!

[Critter-3]

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-lin... 

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

[crosscountry321]

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?

[Critter-3]

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.  

[crosscountry321]

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!

[AnnetteB6 · Accepted solution]

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

[crosscountry321]

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?

[crosscountry321]

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?

[crosscountry321]

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?

[crosscountry321]

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?

[Critter-3]

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.

[crosscountry321]

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!

[crosscountry321]

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.

[Critter-3]

The program produces  worksheets for almost  everything ... look for the one you seek by saving a PDF with the worksheets. 

[Critter-3]

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.