Taxable Scholarships

Iantoskiewicz
Iantoskiewicz Member Posts: 2 Newcomer
in Income

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!

Best Answer

  • DaveT
    DaveT Member Posts: 73
    edited April 7 Answer ✓

    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.

Answers

  • Iantoskiewicz
    Iantoskiewicz Member Posts: 2 Newcomer

    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
    MatthewD FreeTaxUSA Team Posts: 557

    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

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