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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
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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!
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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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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>