When I inputted my W2 amount, TurboTax has it right, but after I got to the end, it added an extra $4646 in income. I've done all the math and I'm not sure where it came from. I only have a single W-2 and some scholarships from the 1098-T. It is unclear where this amount is coming from!
@smatin wrote:
When I inputted my W2 amount, TurboTax has it right, but after I got to the end, it added an extra $4646 in income. I've done all the math and I'm not sure where it came from. I only have a single W-2 and some scholarships from the 1098-T. It is unclear where this amount is coming from!
If the scholarship exceeded the tuition then it is taxable and will show on the 1040 line 1 with "SCH" next to it.
Ok, I see that. Even if it is taxable income, the math doesn't add up. Maybe I am missing something.
What math does not match up? What goes on line 1 comes for what you entered on the 1098-E (or additional scholarships not reported on the 1098-E that you entered.)
On my 1098-T (I did not do a 1098-E) box 5 is greater than box 1. So I assume that excess is taxable income. However, it does not match the amount listed under SCH in box 1 of the 1040 form. Not sure where the extra income came from, and I can't figure it out.