I was told to enter earned income from MATH for America as SCH but numbers of return drop what am I doing wrong?
02530
2 Replies
GiseleD
Expert Alumni
Jul 10, 2020 10:38:54 AM
It sounds like your entries were correct. When scholarships exceed tuition and fees, then the balance of the scholarships becomes earned income. This earned income will increase the amount of tax owed and reduce your refund.
-elyseperez
New Member
Jul 14, 2020 4:39:56 PM
One thing that TurboTax does is that it treats our MfA income as Self-Employment income, because that's how self-employment income is reported, and thus is subject to the ~15% FICA tax However, this is wrong. is what they are telling me