<p>My D graduated June 2007 - do we need to report scholarship $$ in anyway on taxes?</p>
<p>it depends. A grant-scholarship which covers tuition only is not taxable nor reportable. A full ride, which covers tuition, room & board & books & fees may have a taxable portion.</p>
<p>If she received taxable monies, she will get a 1098T from the school</p>
<p>So as long as we reported all to the school, we should just wait and see if they send anything???</p>
<p>I agree with the other posters. My S is in his 2nd year at University of Tulsa where he received a full ride scholarship. Last year he did receive the 1098T and reported the room/board portion as taxable income. If your D received a scholarship (at least if it includes taxable room/board $) her school should be mailing her a 1098T.</p>
<p>Yes, I would wait for the form- there is some discussion of school year expenses, things paid in Dec v Jan etc and using your own list of paid expenses vs the ones stated on the 1098T. Personally I would prefer not to raise any questions at the IRS, I use whatever the school gives me and figure it all evens out at the end.</p>
<p>The form will show $ paid to you adn deductible expenses per the university calculations</p>