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February 28, 2025
Question

will you look into my 1098-t

  • February 28, 2025
  • 2 replies
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My scholarship is being counted as taxable income when i was a full-time student all of 2024

    2 replies

    Hal_Al
    Employee
    February 28, 2025

    Being a fulltime student does not exempt your scholarship from being taxable. 

     

    Scholarships that pay for qualified educational expenses (QEE - tuition, fees, books and other course materials, including a computer) is tax free.  Scholarship amounts that exceed QEE is taxable income, on the student’s tax return. Room & board are not QEE.

    If box 5 of the 1098-T exceeds box 1, TurboTax (TT) will treat the difference as taxable income, unless you enter additional QEE at books and other expenses.

     

     

    February 28, 2025

    Scholarship funds received in excess of your qualified educational expenses may be taxable and might need to be reported in your taxable income.

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