1bassoon Posted February 18, 2013 Share Posted February 18, 2013 (I put this on the college board, but thought I'd ask here as well) I *think* TurboTax is misleading me, so I just want to be sure on something . . . . . DD20 received 24K in scholarships/grants. Her total eligible education expenses (as billed by the uni) are 24,800. The 24K are considered tax-exempt, right? I think I put my figures in the wrong box on Turbo. . . . it wants to tell me that it's considered income. BUT - that's only if the scholarships/grants EXCEED her allowable expenses, yes? Next year I'm just hiring an accountant. Between 4 small businesses and dd's college stuff, I am just DONE with this. Quote Link to comment Share on other sites More sharing options...
ChocolateReignRemix Posted February 18, 2013 Share Posted February 18, 2013 Yes. Go double check your entries - a friend had this happen the other day and had to go figure out where the error was. Quote Link to comment Share on other sites More sharing options...
Amy in NH Posted February 18, 2013 Share Posted February 18, 2013 Yes. Quote Link to comment Share on other sites More sharing options...
Word Nerd Posted February 18, 2013 Share Posted February 18, 2013 That's the way it was when I was in college; only the scholarship amount that exceeded the tuition and fees was considered taxable income. Quote Link to comment Share on other sites More sharing options...
1bassoon Posted February 18, 2013 Author Share Posted February 18, 2013 I'm ready to shoot TurboTax. They keep telling me it's income - it ISN'T! Grrr. . . . . Thanks for confirming, though. Quote Link to comment Share on other sites More sharing options...
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