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M
mpboyett98
March 30, 2022
Question

For reporting college scholarship do i use the amount in box 1 or box 5 from the 1098 t?

  • March 30, 2022
  • 2 replies
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2 replies

Hal_Al
Hal_Al
Employee
March 30, 2022

Simple answer box 5 minus box 1 (assuming box 5 has the larger amount).  TurboTax does that automatically.  Scholarships that pay for qualified expenses (tuition, fees, and books and other course materials) are tax free.  Anything left over or used for room and board is taxable income. 

 

Taxable scholarship is reported on the student's tax return, not the parent's. 

KrisD15
KrisD15
March 30, 2022

Box 5 reports scholarships the school received directly. 

 

To clarify, are you a dependent student? Is someone else claiming you and do you need to claim scholarship as income? 

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