Good day everyone,
my 2nd daughter 1098T form has
box1 = 5547 , box 5 =16269,
and her room expenses = 6139,
and room payment used came from the Fapsa grant, and all articles and posting in TTax community says room expenses is taxable.
After i enter datas from 1098T, i come across a section that ask "Did you pay for Room and Board with a scholarship or grant?", and entered her 6139 room expense. As i finish the federal review section, i click on the forms mode icon on top right, to see if the room expense had been considered as income and be taxable, but i am just seeing a value of 10722, (which is 16269(box 5)- 5547(box1) = 10722)
Other datas
few months of her extra job W2 = 14228
interest tax = 449
Agi = 25339 (that is, (box5 - box1)+ 14228+ 449),
i dont see where the room expense(6139) had been added to as income (and need to be tax), should TTax had added it automatically or, should i add it manually as other income?
i was expecting TTax will add it, as there is a section that asked for room and board payments,
thanks in advance for any infos and comments, and have a stress free day..
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Basically, anything in box 5 greater than box 1 is taxable income unless it was used for other qualified education expenses such as a laptop that was required or books that were required as part of enrollment. So yes, the room expenses are counted as taxable income. They are not entered a second time or the amount would be double taxed.
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