<p>Ok I have a question. First, my scholarships greatly outnumber my tuition and fees for 2008, so I won't be eligible for any of the hope learning or lifetime achievement or tuition deduction credits on my taxes. So, do I even need to attach the 1098t form to my taxes, or would i just put the taxable (non-tuition/fees) scholarship amount under earned wages?</p>
<p>Secondly, I have some scholarships that weren't reported to my college. Thus, these scholarships will not be on the 1098-t form. So, would there be a discrepancy if under my income i put I have received more scholarships than my 1098t form states? Or could i just ignore those unreported scholarships?. . Sounds like that would be illegal-ish however. Just wondering.</p>
<p>Thirdly, I have heard that some people put the 1098-t form in with the parent's taxes, however, I'm not exactly sure how that works. Could anyone clarify? thanks I know that you aren't supposed to give any official tax help here, but I was just gonna throw my questions out there. If this is against the forum rules, just delete. Thanks in advance!!</p>
<p>My DD had $ exceeding tuition, thus far I have not found a way to put the $ on my return, but if any one knows that is okay, let me know!!</p>
<p>I did her taxes with TurboTax online for free and do not recall it asking for the form to be filled out online the way it did the W2, but that was a year ago!!</p>
<p>I put the net amount from the 1098T scholarships-tuition as per the form, not per my records. That seemed most logical to me for future tracking, to always match their form. </p>
<p>As to other outside $, I can see where that would be tough to remember and track something like an Elk's local $200 award, perhaps if you don't have those records accessible the organization will be 1099ing you? Or, when you report that to your school do they include it? DD got outside awards, like the Byrd, which are administered via the school, so I believe all of ours is included on the 1098T, because all of it was reported and is processed via her university finaid dept.</p>
<p>BTW, congratulations, it is a great problem to have, earning more in merit that tuition, though I do think it primarily happens at publics where tuition is artificially low cost and housing high priced.</p>
<p>Yeah, I've been using turbotax to figure about how much I'm going to owe, and like you said, it doesn't let me put my 1098t form into my own taxes. It will only let me enter those values into my mother's tax return, which doesn't do any good. The reason it isn't letting me paste a 1098t form in is because I can be filed as a dependent. I will ask my college after I receive the 1098t to see what they say. As for the undocumented scholarships, I must say I have let a few slip from my mind. Like you said it would seem that they would send me a 1099 form if I would indeed be responsible for taxes on those. I might look into just using the net taxable amount on the 1098t form as my scholarship amount i put in my wages and income. . .</p>
<p>I have just been talking to my parents about this. I have the same situation: Scholarships exceed qualified expenses, so it seems the excess is reported on my tax return under wages. Because the scholarships exceed the qualified expenses, my parents don't qualify for the hope or lifetime, so they don't report anything from the 1098-T on their taxes.</p>
<p>You cannot put the taxable portion of the scholarship money on your parent's return. It is reported in your name and social security number. If it had been eligible for a credit, you could have put that on their return because you're their dependent. But same as interest from a bank, or your own W-2, that must be reported on your own return.</p>
<p>As for the outside scholarships, if they were sent directly to the school, there's a good chance that amount is already on the 1098T. If not, you should add it in yourself. The IRS never minds if you include more income than you have paperwork for. Just less. You don't attach any form to a tax return when you file electronically. When sending in a return, you only attach those that have withholding.</p>
<p>For outside scholarships...on the 1098-T, are the amounts split across semesters (tax years) for each semester bill or the whole amount in the year received?</p>
<p>I have always assumed they are credited as recieved.</p>
<p>It it a sad thing that the income which is taxable goes on the student return even if they are dependent as there is little to offset it, thereby causing a larger tax bill, for which there is not even a COA adjustment.</p>
<p>I know it would usually be loans, but if you were a kid with a full ride somewhere expensive and had $20k in scholar $ above your tuition plus worked that summer for $5000 for your contribution, you would owe the taxes on that $25k and where is that money supposed to come from? In our case we pay it, as it is saving us money, but many kids on this board have difficult situations at home and that could really be a struggle to come up with!</p>
<p>My feeling is that the finaid people see the parents as responsible for paying for college to age 23; if the kid is reported on my return as s dependent with that same SSN, I ought to be able to take the income and work with my significantly higher deductions.</p>
<p>On the other hand wouldn't most kids be at a lower tax rate than their parents? They would get the first $5450 tax free, then the next @ $8000 the rate would be 10%. There are probably some parents who are only in the 10% bracket (us for one) but probably a lot that are in 15% or above.</p>
<p>I totally agree with swimcatsmom. I doubt many students get scholarship money $20K above qualified tuition. But if they do, chances are they will pay at a lower tax rate than their parents. Even if they are both at the same tax rate, the parents have probably already used their deductions and exemptions and all of the scholarship money will be taxable, whereas the student might only have the scholarship taxable maybe with very little other income, so they can benefit from the entire deduction.</p>
<p>well since i can be claimed as a dependant, I don't get ANY exemptions--not even for myself, thus my taxes are much higher. Right now i am looking at about $1400 federal+state. . .</p>
<p>You don't get the personal exemption. You still get the standard deduction of $5450 (for earned income - scholarships/grants are treated as earned income)</p>
<p>Do I have to claim my D as a dependant or can she claim herself to lower her tax? She is looking at about having to file on approx. $22,000 between her W-2 and her grants/scholarships.</p>
<p>The rules are that for you to claim her as a dependent she cannot have provided more than half of her own support. Support does not include scholarships. </p>
<p>Our daughter claimed herself last year and will again this year. With what she earns in the summer and WS we feel she can say she provides more than half her own support. </p>
<p>The thing to watch for is if it will have any affect on things like medical insurance. Our insurance does not required that she be a dependent for tax purposes - just a full time student. Other posters on CC have said they lose the insurance if the student is not claimed on their taxes.</p>
<p>I don't know the answer about the exemptions, but just double-checking about the grants/scholaships: On her 1098-T, are her "Scholarships or Grants" (Box #5) $22,000 MORE than "Amounts billed for qualified tuition and related expenses" (Box #2)? The scholarships and grants up to the amount of qualified expenses are tax-free. It is only the excess that is taxable.</p>
<p>If it is $22,000 more than qualified expenses, that is a great problem to have. Congratulations - she must have worked very hard to earn those!</p>