On 1098-T for a dependent child, box 5 scholarships exceed box 1 qualified tuition and expenses by $15,000. Which tax return does the $15,000 taxable scholarship belong on dependent child's tax return or the partents?
Dependent child's.
But, 1098-Ts are notorious for being incorrect. Have client get a transcript from the school to see actual tuition payments.
yes
ESPECIALLY in the December time frame. If the student is billed in December, which calendar year should it belong to?
