I claim my son as a dependent. He has a taxable scholarship. Do I claim that income on my return or does he? He has other income and files a return.

[Rosie77]

Good morning,

Am new and I haven't file my taxes because of these questions, I have 2 dependent sons in college, which both of them filed already their taxes for 2020 and they earned money w2 and had unearned income from the scholarships excess on box #5 on their 1098-T so that was added on their tax returns in their reported income, so here are the questions do I need to add a 8615, 8614, 8863 forms or do I still report their 1098-T even thought I don't get any credit for it?  I am so confused with these questions. Please help me.  

1. They are still my dependents
2. They already file their taxes for 2020
3. In their returns it shows that " unearned from scholarships" income was added to their lump sum of earnings for the 2020 tax year.  However I don't see any 8615 attached in their tax forms wondering if is an internal form. They used the free tax assistance VITA
4. Do I need to attached a 8615 or 8614 or 8863 or do nothing on the 1098-T?  Thank you!

[ReneeM7122]

It depends. The interview will ask you questions about your child's education and will help you determine which education credits you qualify for.  You don't need to figure that out ahead of time.  Just use your 1098-T and follow the questions.

Here is a TurboTax article about education tax credits.

[Rosie77]

I am filing my own taxes using turbo tax, am trying to figure out if I need to add their 1098-T or not I still claiming them as my dependents, however they already used their 1098-T on their own tax forms. So do I need to report their 1098 or not since they already file and used these forms in their own returns. or do I need to do an 8615 or 8614 form?

[ReneeM7122]

It depends. The interview will ask you questions about your child's education and will help you determine which education credits you qualify for.  You don't need to figure that out ahead of time.  Just use your 1098-T and follow the questions.

Here is a TurboTax article about education tax credits.

[kathleen18]

How do I make correction in 2021 Tax Return form 1099-DIV?

[kathleen18]

Correction to 2021 Tax Return for 1099DIV form

[Vanessa A]

To change your entries on your 1099 DIV you will just go back into the 1099 DIV form you entered.  To do this click the following:

• Federal
• Income and Expenses
• Scroll down until you see the 1099 DIV and click Review next to it
• Walk through to make your changes

[MikSek]

@Carl  First off, great info in your Word docs! I have a question pertinent to those docs/this thread but haven't seen an example that quite aligns with my situation. Would appreciate your direction as you look to have have lived it. As I'm new to this forum (but have used TT for years) what's the proper way to go about this? 

[AmyC]

If you would like to clarify your situation, we would also be glad to help.

@MikSek 

[Carl]

@MikSek the thread you posted in is quite long and since you didn't start the thread, we have no idea what you're using. Online? Desktop? Premier? Home & Business? Self-Employed? Searching through such a long thread to see if maybe you did provide specific information is time consuming and error prone on the reader's part. 

If you'll start you own thread, then you can identify for forum readers what you're using and we won't have to ask. Also, you're post is what is referred to as an "add-on" to a thread started by another. This has the potential to cause confusion and more importantly, someone responding to your post may give you information that is correct for the thread, but incorrect for your specific and explicit situation. When neither party realizes this, you are the one that ends up doing things wrong without necessarily realizing it. So if you would please, start a new thread providing the details of your specific situation. Hopefully, I'll be able to help. If I can't, you can bet another reader will.

[MikSek]

@Carl Appreciate the prompt and thorough response, exactly the direction I was looking for. Kudos again on the Word docs, confirmed I'm in the right place. Will post a separate thread shortly. Thanks again.

[mkschoenle]

I have had this situation and I first put under my taxes to see the impact and then i put it under my daughters taxes.   It was better to put on my daughters return because she was in a lower tax bracket.

[KrisD15]

Yes, with the education credits, you do have options when it comes to allocating expenses, scholarships, and distributions. 

As long as all the aid (distributions, scholarships) are accounted for, you can apply them the way that makes the most sense and results in the best tax situation, HOWEVER -

you can never claim as income a "restricted scholarship" nor VA assistance. Those two types of assistance must be allocated to the tuition or expense it was awarded for. 

@mkschoenle