Major life milestones often have a major tax impact. Changes in your marital status, having a baby or adopting a child can have significant impact on your taxes. This is the place to ask questions about dependents, real estate, and other various scenarios that play a significant role in what taxes you pay.
02-07-2018 11:31 PM
My twin daughters both started college this year and I am so confused what to do. The first one received a 1098-T and her scholarship does not pay for all of her tuition and pays for none of her room and board. I entered in the info on her on the credit area (think I did it all correctly) and qualify for the tax credit.
The other daughter took concurrent classes in the spring of 2017 and we received a 1098-T for it which I have entered. Then in Fall she received a full ride scholarship covering all her costs including room and board. This college did not send me a 1098-T (They said they would not send them since we are not eligible for the credit anyway.) I did get the bursars to send me a list of all the costs broken down that was paid by her scholarship so I have the amount they paid for room and board for her.
(I am claiming both girls on my taxes as dependents so her scholarship money should go on my return I believe)
My questions are as follows:
!. After I enter the 1098-T for the concurrent classes it asks if she attended another college which she did but we didn't get a 1098 T and it doesn't qualify for credit anyway so do I just answer NO here or what do I do?
2. Where do I enter in the amount of money she received for her scholarship. I found a section that said scholarships under income but it asked if my husband and I had scholarship money?
3. On both of their concurrent 1098-T the amount of payments minus scholarship is less than I actually paid to the school do I adjust the amount in the box that says it might not be all I paid to what I actually paid plus the amount they show as scholarship?
4. She had a small amount of income this year too so will be filing a return. She won't need to show any of this on her return since I am. correct?
Thanks in advance for your help. I don't understand why this college stuff is so confusing. You'd think it would be the same as getting a 1099 for services or a W-2. I don't want to make a mistake reporting this and end up causing her problems down the road.
Solved! Go to Solution.
02-21-2018 01:54 PM
Welcome to The H&R Block Community!
The following are the answers to each of your questions:
The taxable scholarship income will be included as "Other Income" on your daughter's return. If she is using H&R Block's 2017 online program to complete her return, include this income by going to INCOME -- Employment, 1099-G and Freelance / Contract Income -- Taxable scholarships not on Form W-2 (Visit Topic). If she is using H&R Block's 2017 downloadable desktop software to complete her return, include this income by going to INCOME -- Other Income -- Scholarships -- Click "Next" until you reach the page titled "Scholarship Income."
If you have any further questions, I'll be happy to help!
Tax Research Specialist