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uncworthy
February 25, 2020
Question

My 19 year olds scholarships are trying to be counted as income, yet box 1 of his 1098-t is 13k more than box 5, and I only took 3k out of a 529?

  • February 25, 2020
  • 1 reply
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T
ThomasM125
February 25, 2020

You need to indicate in the form 1098-T entry section that the scholarship income was used to pay for qualifying education expenses. If the funds were used for room and board or for non-required books and the like, the scholarship income is taxable.

 

Look for a screen that says "Did student pay for Room and Board with a Scholarship of Grant?

If you answer "Yes" the scholarship income will be taxable.

 

 

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