Question

1098-T

Forum|Forum|6 years ago
February 22, 2020
1 reply
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This year my 1098-T does not have a figure in box 1, so it is counting the entire figure in box 5 as income and is saying I owe over $6,000 in taxes. How can I have only room and board count for income?

DavidS127

Scholarships used for room and board are taxable.

If you had any expenses in the year for tuition and student fees, books and any required equipment or supplies for your courses for which the scholarship could have paid, you can enter those in TurboTax and reduce the amount of the scholarship that is taxable.

Refer to the section of IRS Publication 970 at this link for the rules on scholarship taxation.

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