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What if I reported my stipend in the education section of turbo tax? I cannot find it to edit it but the amount shows up in the federal review as taxable income.
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You may not need to edit it. If you entered it in the education section, it's important to note that any amount awarded in excess of qualified education expenses will be considered taxable income.
- For example, a student awarded a $4,000 scholarship who had $3,000 in qualified education expenses would have $1,000 added to the "Wages, salaries, tips" line of their tax return.
In addition, you can't claim education credits or deduct expenses that were paid with these tax-free funds.
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