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January 22, 2021
Question

I earned an amount from the pell grant in 2020. I saved all of it, and did not need to use any of it for school expenses. Where do i report this in turbotax(free edition)

  • January 22, 2021
  • 1 reply
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The total amount, which needs to be reported as income if it is not used for schooling purposes, is over $4,000

1 reply

Hal_Al
Employee
January 22, 2021

If that is your only income, you do not need to report it at all, since your total income is less than $12,400, the filing threshold.

 

If the money was included in box 5 of the 1098-T, TurboTax (TT) will automatically make it taxable (box 5 minus box 1 = the taxable amount).  Otherwise, you will be given a screen to enter additional scholarship after entering the 1098-T.

In TurboTax (TT), enter at:

Federal Taxes Tab

Deductions & Credits

-Scroll down to:

--Education

  --Education Expenses

 

I’m not sure if the free edition handles this. But, TurboTax also has another free product called the Free File Edition (not to be confused with the regular Free Edition).  It has free Federal preparation and free State preparation. There is no efiling fee. It is not available after October 15

The Free file Edition can handle a 1099-MISC.

The Free file Edition is more fully-featured than the regular Free Edition.  The Free File Edition can prepare Schedule A, C, D, E, and F that the Free Edition cannot. 

 

To qualify for free 2020 federal and state tax returns through the IRS Free File Program delivered by TurboTax, you just need to meet one of these requirements:

  •              Your 2020 household AGI is $39,000 or less;
  •              You qualify for the Earned Income Tax Credit (EITC); or
  •              In 2020, you served as active duty military (including Reservists and National Guard) with a maximum AGI of $72,000, and you have a military-issued W-2.

 

The FREE FILE Edition is located at:

https://turbotax.intuit.com/taxfreedom

 

How to switch and start over in Free file Edition

https://ttlc.intuit.com/questions/2026912-how-do-i-switch-to-turbotax-freedom-edition