1098-T Box 7

Forum|Forum|5 years ago
March 7, 2021
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Question in Turbotax asks how much of the $xxxxxx received in scholarships, fellowships, grants or other was not designated for 2020 expenses? Is this something I should already know? None of the amounts on the 1098 look similar to financial paperwork received by the school when paying for it. I have no idea how to deduce this information.

TurboTax Basic Windows

JotikaT2

You may need to contact your school if you cannot determine the amount.

Sometimes, you have tuition payments that are due in December of the preceding year but that are actually payments for the next tax year. That is when box 7 would be checked.

As far as the scholarships, fellowships, grants, those funds are only tax exempt when they are used for tuition or qualified education fees. They are considered taxable if the receipts exceed these amounts or if used for other expenses.

Please see the link below for more details on this.

When are scholarships taxable

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