<p>i worked as self employeed last year im only 19 years old…my parents will claim me as well as my 1098t on their tax return… my question is where do i put my scholarship award income on 1040?</p>
<p>Your parents would not report your 1098T info on their return and I’m not sure why they would want to since it’s likely that you would be in a much lower tax bracket if any income tax is owed after your $5800 standard deduction. The 1098 will be in your name/ssn and scholarship income, which is reported on the same line as wages, can be reduced by qualified educational expenses (tuition, course fees, required books/supplies). Your parents my be eligible for the American Opportunity Tax Credit and should consult IRS Pub 970 for more info on this (and/or read some of the numerous threads on this board regarding the reporting/tax credit).</p>
<p>Do the students owe self-employment tax on the excess scholarship money?</p>
<p>No, the excess scholarship money would still be on a W-2 and will not be listed anywhere on the schedule C</p>