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You may receive a 1098-T from your college that designates your financial aid.
You are required to enter your 1098-T if your grants/scholarships exceed your qualified educational expenses to include tuition, fees, books, and course related materials.
Grants and /or scholarships are taxable income to the extent that they exceed qualified educational expenses.
Qualified educational expenses include tuition, fees, books, and course related materials and are deductible to the extent that they exceed grants and/ or scholarships
TurboTax will walk you through the educational interview and prompt you to enter your financial aid and educational expenses for your best tax result.
To enter educational expenses:
- Click on Federal Taxes (Personal using Home and Business)
- Click on Deductions and Credits
- Click on I'll choose what I work on (if shown)
- Scroll down to Education
- On Expenses and Scholarships (Form 1098-T), click the start or update button
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