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Scholarship or fellowship grants that are taxable to the recipient because they are paid for teaching, research, or other services as a condition for receiving the grant are considered wages and must be reported on Form W-2. Other taxable scholarship or fellowship payments (to a degree or nondegree candidate) do not have to be reported to the ...
Congratulations on getting an award! Scholarships, fellowships, and Pell grants received by registered students who are working toward a degree at a college, university, or other accredited educational institution are generally nontaxable as long as the money is used entirely for qualified education expenses.
Manually calculate the taxable amount of scholarship and enter the 1098-T, on his return, with 0 in box 1 and the taxable amount (apparently $5617 in your case*) in box 5. In that case be sure the amount in the "Amount used to claim the tuition deduction or credit" box is 0. *$14,406 in box 1. + 600 Books etc.
STEP 1 (step 1 and 2 are optional to make it clear): To enter/edit a 1099-MISC form: Open (continue) your return if it's not already open. In the Search box (top right-hand corner), type “ 1099-misc ’. Click on the Magnifying Glass icon. Click on “ Jump to 1099-misc ” link high-lighted in Blue.
The taxable portion of scholarships is reported on the student's tax return (not the parents'), even if the student is still his parent's' dependent. The taxable scholarship should show on line 1 of the 2018 form 1040 with the notation SCH. Prior to 2018, SCH was on line 7 of form 1040 or 1040A or line 1 of form 1040EZ
Even though the IRS instructions for Form 1099-NEC state that taxable scholarships should be reported on Form W-2, you can still report this income using the form you do have. Open your return and go to Federal >> Wages & Income >> Other Common Income >> Income from Form 1099-NEC. Click Start/Update.
Scholarship or fellowship grants that are taxable to the recipient because they are paid for teaching, research, or other services as a condition for receiving the grant are considered wages and must be reported on Form W-2. Other taxable scholarship or fellowship payments (to a degree or nondegree candidate) do not have to be reported by you ...
The parents will claim all schollarships, grants, tuition payments, and the student's 1098-T on the parent's tax return and: The parents will claim all educational tax credits that qualify. If the student will be filing a tax return and: The parents qualify to claim the student as a dependent, then:
The student reports all his scholarship, up to the amount needed to claim the American Opportunity Credit (AOC), as income on his return. That way, the parents (or himself, if he is not a dependent) can claim the tuition credit on their return. They can do this because that much tuition was no longer paid by "tax free" scholarship.
If the scholarships/grants exceed the qualified education expenses, then the student will report the 1098-T and all other educational expenses and scholarships/grants on the student’s tax return. The student will pay taxes on the amount of scholarships/grants that are not used for qualified education expenses.