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Basically, yes. But there is a little more to it and if you enter the forms into the TurboTax program, it will ask the right questions and do the math for you.
"Basically" the assistance you recieved (Scholarships Box 5) is subtracted from tuition and fee (Box 1) AND maybe books and supplies you also paid for. If you received some of the scholarship back, or it was used to pay for other expenses, like Room and Board, the excess is reported as income.
The income can be entered into the program through the education section, or as "Other Income".
CLICK HERE for IRS Pub 970, Tax Benefits for Education
Basically, yes. But there is a little more to it and if you enter the forms into the TurboTax program, it will ask the right questions and do the math for you.
"Basically" the assistance you recieved (Scholarships Box 5) is subtracted from tuition and fee (Box 1) AND maybe books and supplies you also paid for. If you received some of the scholarship back, or it was used to pay for other expenses, like Room and Board, the excess is reported as income.
The income can be entered into the program through the education section, or as "Other Income".
CLICK HERE for IRS Pub 970, Tax Benefits for Education
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