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Question

DO I ENTER MY 1098 INFORMATION INTO MY TAX RETURN?

Forum|Forum|1 year ago
February 21, 2025
1 reply
0 views

MY 1098 FORM IS TELLING ME THAT BOX 5 MAY NOT BE DEDUCTIBLE, HOW DO I DETERMINE IF IT IS OR ISNT?

Employee

Box 1 is tuition and box 5 is scholarships. First, look and see if all of your scholarship was used up by box 1.

If so, nothing is taxable.
If box 5 is bigger than box 1, start looking for other Qualified Education Expenses - Internal Revenue Service

Any amount not used on school related expenses will be taxable income.

The IRS has a great brochure that explains how scholarships and tax credits interact.

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