Taxable Scholarships
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
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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.
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Answers
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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?
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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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