Question

What if my son had a housing scholarship but it didn't cover the entire amount and he still had to get a student loan?

Forum|Forum|6 years ago
February 2, 2020
1 reply
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I'm stuck on the question: "Tell us if your son used a scholarship, grant, or fellowship to pay for room or board..."

He did receive a housing scholarship, but it was only $1,000.00 and did not cover the entire cost of his housing. So, do I only enter $1,000.00 as far as the total used even though he had to get student loans to cover the remaining amount for each semester?

Not A Product Question

KrisD15

Yes, the program only wants to know that the 1,000 was used on room and board. Scholarships used for room and board are taxable for the student.

The excess room and board does not count for anything as far as credits, only tuition, fees, books and supplies count towards an education credit.

Student loans are not deductible, but once you start paying them off, the interest will be.

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M

mcbishop17Author

Thanks for the response...here goes another question -

Now my son is trying to figure out where to fill in the information on his taxes about the taxable housing scholarship.

Does this just need to be listed under other earned income on his return? (He worked last year & was filing anyway. He just isn't sure where to fill in the $1,000.00 taxable scholarship information.)