I know scholarship "income" is taxable, but do I include room and board cost anywhere? Room and board aren't qualified even if it went straight to my school?
I know scholarship "income" is taxable, but do I include room and board cost anywhere? Room and board aren't qualified even if it went straight to my school?
A. Simple answer: no. As you said, room and board aren't qualified expenses, even if it went straight to the school.
There are two circumstances when TurboTax (TT) allows you do enter R&B expenses: 1. After you have entered a 1099-Q for a non qualified (or partially non qualified) 529 distribution and your need to calculate the taxable portion of the distribution or 2. to designate some of the scholarship as taxable (by declaring it as used for non qualified expenses).