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January 26, 2021
Question

Segal Education Award

  • January 26, 2021
  • 1 reply
  • 0 views

I used my Segal Award from AmeriCorps in 2020 to pay for tuition. I reported it on the 1099-MISC, roughly $7,000. I also payed about $700 out of pocket to cover the rest of tuition. On my 1098-T from the university, they report that $700 as the amount of tuition paid, and not the full $7,700. My question is, am I allowed to count the $7,000 from AmeriCorps as "Tuition and Fees not entered on 1098-T"? 

    1 reply

    RayW7
    January 26, 2021

    The Segal Education  Award is handled a bit differently than most education benefits.

     

    Segal Education Awards are taxable in the year they're paid.  Report the amount you received  on the 1099-MISC as Other Income. 


    Because the award is taxable income, any tuition, fees, books, and supplies paid with the amount is eligible for education credits. 

    January 26, 2021

    Thank you @RayW7, I will report that tuition as an education credit then. Gives me a big break! Appreciate the feedback.