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Taxable Scholarships

Iantoskiczwei

Hi!

I received a 1098-T in which the scholarships (box 5) exceed the qualified tuition expenses (box 1). Is the difference between box 5 and 1 considered taxable scholarships? If so, do I report it on my return as taxable scholarships or would my mom report it? I am a dependent on my mom's return. Thanks!

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Accepted answers

DaveT

Income including scholarships you receive do not get reported on your parent's return even if you are a dependent. If you are required to file, it would go on your return.

All comments

DaveT

Income including scholarships you receive do not get reported on your parent's return even if you are a dependent. If you are required to file, it would go on your return.

Iantoskiczwei

Thanks! My gross income is below the $14,600 filing threshold without the taxable scholarships. If I include the taxable scholarships, my gross income is above the threshold. Am I required to file then?

MatthewD

Hi Iantoskiewicz,

If your are under 65 and your income is over $14,600, then you need to file a form 1040 tax return. Here are some IRS sources.

Check if you need to file a tax return

Do I need to file a tax return? IRS Interactive Assistant