Few questions

Forum|Forum|4 years ago
January 26, 2022
1 reply
11 views

My daughter received $1750 in scholarship money. Do I have to deduct that amount from what I can claim in tuition expenses?

Second, I purchased a turbo tax package from Costco. Can I use that with my existing Turbo Tax online account?

Third, our family spent $10,000 in medical expenses in 2021. Is it worth is to try to itemize or use that standard deduction for a family of 6 married filing jointly?

ColeenD3

Level 15

1) Did you receive a 1098-T with the scholarship in Box 5? If so, just enter the form exactly as it appears. If not, you can't claim a credit on the Scholarship money since you did not pay it. Only claim money that you paid.

2) The TurboTax program you bought is completely separate from an online account. There is no way to make them work together.

3) The best thing to do is enter your Schedule A deductions and let the program tell you which would be of greater benefit.