Witryna13 mar 2024 · Student is my dependent. Box 1 of the 1098-T (or total amount of tuition and fees paid in 2024) No 1098T; I contend that it is $13481 based on money dispersed from 529. box 5 of the 1098-T (or total amount of scholarships received): No 1098T; $10750. Is any of the Scholarship restricted; i.e. it must be used for tuition. No. Witryna4 cze 2024 · 1098-T: box 1($54,184) minus box 5($43,910) = !0,274 Qualified expenses. Line 2b (adjusted qualified expenses) of the 1099-Q worksheet (ws) is only $274. Where did the other $10,000 go? TurboTax assumed it was used to claim a tuition credit. So, it has correctly calculated the taxable portion of your 1099-Q.
Topic No. 421 Scholarships, Fellowship Grants, and Other …
Witryna6 cze 2024 · Period. After that, any excess scholarships/grants are taxable income to the student. Next, 529 funds reported on a 1099-Q are applied. The qualified … Witryna1098-T Box 1 is $6,600 & Box 5 is $7,000. My w-2 wages are $15,000. ... My taxable income is $2,750. I'd owe some tax and I wont get the full income tax withheld from my w-2. ... My 1098-t is showing more in box 5 but I did not receive excess scholarship money. I was a commuter so none of it went to room and board or meal plans either. … honeycutt jewelers southern pines
Weird Tax Situations for Fully Funded Grad Students
Witryna3 mar 2024 · The additional scholarship money will turn taxable in excess of tuition. Scholarship money is not used in calculation of own support. ... Box 1 = $14,147 Box 5: $28,962. Scholarships are only used for tuition and cannot be used for room and board. ... I get $15,565; $29,712 (28962 + 750) scholarship minus 14,147 expenses. … WitrynaBox 2 is intentionally blank. Since 2024, federal regulations require that institutions report amounts paid (Box 1) versus amounts billed (Box 2). Box 3 is no longer used. Boxes … Witryna3 mar 2024 · So entering the income the wrong way could create a swing in either the plus or minus direction, depending on SE tax vs. credits. ... But the correct answer is to enter it as a taxable scholarship or fellowship that is more than your qualified tuition expenses. ... it is non-taxable. what is in Box 1 and Box 5 of form 1098T? 0 9,704 … honeycutt hvac