Quiver0f10 Posted January 28, 2010 Share Posted January 28, 2010 (edited) EDITED: I figured it out! The link on the help section was talking about W2's but my brain was thinking 1098-T. DOI. Edited January 29, 2010 by Quiver0f10 Quote Link to comment Share on other sites More sharing options...
LizzyBee Posted January 28, 2010 Share Posted January 28, 2010 I am not familiar with Turbo Tax. But I am guessing that entering the amount from Box 5 is not causing the scholarship to be treated as taxable, but simply reducing the amount of tuition eligible for credits. For ex, if tuition is 10,000 and scholarships are 7,000, the net amount used for calculation of a credit or deduction will be 3,000. If any scholarships were not listed on the form, they would need to be entered separately in order for the credit/deduction calculation to be correct. Clear as mud? Quote Link to comment Share on other sites More sharing options...
Quiver0f10 Posted January 28, 2010 Author Share Posted January 28, 2010 (edited) I am not familiar with Turbo Tax. But I am guessing that entering the amount from Box 5 is not causing the scholarship to be treated as taxable, but simply reducing the amount of tuition eligible for credits. For ex, if tuition is 10,000 and scholarships are 7,000, the net amount used for calculation of a credit or deduction will be 3,000. Yes, exactly. If any scholarships were not listed on the form, they would need to be entered separately in order for the credit/deduction calculation to be correct. Thank you! Edited January 28, 2010 by Quiver0f10 Quote Link to comment Share on other sites More sharing options...
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