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