How do you report grant income on TurboTax (for a student)?

Forum|Forum|4 years ago
April 8, 2022
2 replies
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I need to report a grant I received as a student in 2021. How do I do this on TurboTax?

TurboTax Deluxe Online

Best answer by LeonardS

To report the Grant you received as a student follow these steps:

Log in to your TurboTax account if it is not open.
Select the Wages & Income tab.
Scroll down to Less common income click Show more.
On the page Let's Work on Any Miscellaneous Income click on Other reportable income.
On the page Any Other Taxable Income? select yes.
On the page, Other Taxable Income enter Grant for the description and the amount.
Select continue and answer No on the next page.

LeonardSAnswer

To report the Grant you received as a student follow these steps:

Log in to your TurboTax account if it is not open.
Select the Wages & Income tab.
Scroll down to Less common income click Show more.
On the page Let's Work on Any Miscellaneous Income click on Other reportable income.
On the page Any Other Taxable Income? select yes.
On the page, Other Taxable Income enter Grant for the description and the amount.
Select continue and answer No on the next page.

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Hal_Al

Employee

Following the instructions, at the first reply, will report the income as unearned income on line 8z of Schedule 1.

Educational scholarships and grants, that exceed qualified educational expenses, can be treated as earned income for some purposes. This can be critical for students who can be claimed as dependents or are fulltime students, under age 24 and unmarried and not orphans.

The alternate way to enter grant income, in TurboTax, is at Deductions and Credits / Education / Expenses and Scholarships. That will put it on line 1 of form 1040, as earned income, with the SCH notation.

Carl11_2

Employee

Things can be a bit more complicated if the grant was reported on a 1099-MISC. Now not "that" complicated.... just a few more steps to ensure correct reporting and correct taxing or non-taxing of the income.

So if you have a 1099-MISC for that grant, let it be known what box the money is reported in on that form.