Taxable scholarship: IRS.gov says to enter as Wages with "SCH" left of that 1040 line. How can I using TurboTax? Confused about entering it vs self-employed income.
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Taxable scholarship: IRS.gov says to enter as Wages with "SCH" left of that 1040 line. How can I using TurboTax? Confused about entering it vs self-employed income.
Taxable scholarship: IRS.gov says to enter as Wages with "SCH" left of that 1040 line. How can I using TurboTax? Confused about entering it vs self-employed income.
Scholarship, fellowship or
grant money, if not used for qualified education expenses is taxed as
income and belongs on Form 1040 Line 1 with SCH in front of the line number.
To enter scholarships,
grants, stipends (With or without a 1099-MISC form):
On the left
side navigation bar, click on Federal.
Click on
the Deductions & Credits tab.
Scroll down
to Education (if Education is not there, click on Check
for more tax breaks).
Select Expenses
and Scholarships (Form 1098-T).
On
the Do you want to enter your higher education expenses? screen,
select Yes.
Continue
with the onscreen interview until you get to the Scholarships and
Financial Aid screen.
Enter your
scholarship.
Continue
with the onscreen interview until complete.
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