1098-T for Grad Student

Paying for College
1

<p>Hello, I'm a full-time graduate student. I received my 1098-T with the following information. Scholarship = $38K (box 5) and amts billed = $37k (box 2), stipend of $19K (not shown on 1098-T) what amt is taxable? The $19K is the only income for 2008 and part of it was used for books and required school items along with living expenses. I did make a few payments toward my student loans from undergraduate even though I'm still not required to - would the interest be deductible?</p>

<p>Thanks and I'm sure your answers will be very helpful to other grad students.</p>

2

<p>if your scholarship was $1000 more than your amount billed, I believe that $1000 is taxable.</p>

<p>You mention $19K from 2008…aren’t you doing your 2009 return now?</p>

3

<p>Yes, I meant 19K was in 2009</p>

4

<p>Did you receive a W-2 for the stipend amount OR is that amount INCLUDED in your scholarship amount on the 1098T?</p>

5

<p>I am guessing you got $19k in stipend income on a W2 plus $1k NET on the 1098T (scholarship monies minus tuition billed), so your taxable income would be $20k. Turbo Tax etc should be able to walk you through that on a free return</p>

6

<p>My son’t stipend is reported on the 1098T. No W-2. You just never know.</p>

7

<p>It was not included on the 1098-T and no W-2. It would be so much easier if there had been a W-2 but there isn’t anything in my possession that shows I received this money.</p>

8

<p>are you sure it is not part of the 1098T? Better contact the university or perhaps a student who has been there longer and find out how they report it. Each school does it differently and you want to be able to know what to expect and how to plan</p>

9

<p>I just now looked at the 1098-T again and it does not include the stipend. I will check with a friend and see how they handled the amount and post back later.</p>

10

<p>My son was a grad assistant last year in grad school. His “stipend” was considered a scholarship and was included on the 1098T.</p>

11

<p>The figures on the 1098-T in box 5 - Scholarship or grants = $38,649.00 and if you total the tution and medical insurance it equals that figure. The amount in box 2 - amts billed for qualified tuition and related expenses = $37209.00. The stipend is not figured into either of those dollar amounts.</p>

12

<p>According to IRS notice 87-31, the educational institution is not required under section 6041 to file a return of information (W-2 or 1099) to the IRS for these awards. </p>

<p>Evidently it is on the honor system? I’m not looking to cheat on my taxes I’m just wondering how accurate I need to be on what was spent on qualifying items (required school items).</p>