Scholarship received in box 5 of 1098T is more than tuition in box 1

Forum|Forum|2 years ago
March 26, 2024
2 replies
7 views

the parents income is too great for them to get a Tuition credit, but I am wondering how to report the following:

Box 1 - tuition is $40,000

Box 5 - Scholarship received is $45,000.

Question - is the $5000 difference taxable and if so where is it reported on the tax return.

OR....

can that extra $5000 be treated as additional expenses for books, room and board

and NOT reported as addition income

Any one have thoughts on this?

thank you

This topic has been closed for replies.

Best answer by Accountant-Man

Be careful. Check the entries of the scholarship--are some moneys for the NEXT semester, likely doubling up the scholarship in 2023?

IRonMaN

Level 15

Enter the 1098T on the kid's return - he or she will have a little income to report. You can reduce the income by the cost of books and supplies, but not room and board.

Slava Ukraini!

D

darlenebAuthor

Level 2

I dont think a child/ student can file a return and take the tuition credit, if they do NOT pay over 50% of their own support. the are technically still the partents dependant....

Am I incorrect?

Do you know something different than that>

Accountant-ManAnswer

Level 13

Be careful. Check the entries of the scholarship--are some moneys for the NEXT semester, likely doubling up the scholarship in 2023?

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