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Amanda44
Level 3
March 27, 2024
Question

Taxable portion of 1098-T

Need more help with education situation:

I have a client that claims student as dependent. 

The dependent received 1098-T with the following information:

Box 1: $24,288

Box 5: $40,883

Student's income is $8k.

What is the proper way to report the 1098-T?

 

This topic has been closed for replies.

3 replies

dascpa
dascpa
Level 11
March 27, 2024

There was a recent discussion on this.  Please search the forum for your answer.

taxiowa
taxiowa
Level 8
March 28, 2024

What were all the scholarships.  If there was $17,000 in Pell Grants; come back we can talk.  Otherwise report the 1098T and R&B and books on kids return.  Most likely with that income will not owe much even adding in free money not used for qualified education.

Bsch4477
Level 5
March 28, 2024

Be prepared to deal with the Kiddie Tax. 

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