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See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
See what's trending for the November 15th deadline (Form 990) and resources for the upcoming tax season. View ProSeries Hot Topics.
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- 1098-T and Scholarship exceeds Tuition
1098-T and Scholarship exceeds Tuition
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stephb728
Level 1
02-26-2021
02:50 PM
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Dependent child has athletic scholarship and receive Form 1098-T with box 5 Scholarships of 30,541 and box 1 payments of 12,760. Does this set off the kiddie tax? Child has 2 W-2s and 1099-NEC and must file. Thanks!
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TaxGuyBill
Level 15
02-26-2021
03:21 PM
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If the 1098-T is accurate in the amount of tuition and the amount of scholarships received, yes, the child will be subject to the Kiddie Tax.
Be aware there is a horrible error in ProSeries in regards to the Kiddie Tax. You need to open up some Kiddie Tax capital gain/Schedule D worksheet (even if Schedule D does not apply) in order for the program to correctly calculate the tax.
