I have a tax amendment to do for 2019 because my wife and I realized that we got around $1500 that was technically scholarship money, but that was just given to us as cash. I cannot figure out to do that kind of amendment through TurboTax. I know this is off topic for today's event, but any insight?
You'll need to sign in or create an account to connect with an expert.
Was it given as a gift? In that case it isn't a taxable event and doesn't need to be included on your return.
It was from the institution of the school, but I received it with no strings attached as to how we were going to use it. So I guess it was a gift. I just learned that the other money that my wife received was just a discount on her tuition, and there was other money she received from royalties on a play that we forgot to include. So we might need to amend for the taxes related to the royalties, but not the gift from the school. Am I thinking that right? And it wouldn't change anything if the gift were a little more, and I'm just not remembering it correctly?
It sounds like this was a gift, if the amount was given in cash, there are no conditions and it was not recorded on any official forms such a 1099, W2 or 1098-T Form.
Definitely, you should amend to add the royalties to your tax return.
As far as the amount of the gift, as long as it is a gift of less than $15,000, you don't have to file a gift tax return.
Still have questions?
Make a postAsk questions and learn more about your taxes and finances.
mgdedonder1
New Member
Shelawson
New Member
navarre1
Returning Member
chbig203
New Member
tillimikemilton
New Member
Did the information on this page answer your question?
You have clicked a link to a site outside of the TurboTax Community. By clicking "Continue", you will leave the Community and be taken to that site instead.