in Education
My son's tuition is $9000 and scholarship is $1800 dollars. Turbo tax is stating that the scholarship exceeds the tuition and therefore must be claimed as income. This has to be wrong. Anyone?
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Please return back to the interview screens and make sure that the values entered are in the right sections.
Click this article for additional steps on entering Form 1098-T.
Will you be claiming an education credit or a tuition and feed deduction this year?
TurboTax will automatically calculate the education deduction or credit, you can only take one or the other, to your best advantage.
If you would like to learn more about the details:
Here is a list of qualified education expenses and a link to their Tax Benefits for Education: Information Center from the IRS.
This is happening to me also, $14K in tuition, $6K in scholarships all being treated as income. It says that the scholarship monies exceed the tuition amount. Very obviously an error.
This is happening to me also, $14K in tuition, $6K in scholarships all being treated as income. It says that the scholarship monies exceed the tuition amount. Very obviously an error. I did go back and verify it is all entered correctly. I am going to delete and redo a 3rd time now.
If you delete the 1098-T, please also delete the student worksheet and Form 8863.
If the scholarship is entered on the 1098-T screen, do not enter it on any other screen.
For Online:
Sign into your account and go into the return
Open the “Tax Tools” drop-down on the left side bar
Click on “Tools” on that drop-down
Click Delete a form (the third one down) on the “Tools Center” screen
Scroll down and click “Delete” next to Form 1098-T, Form 8863, and any student worksheets
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