Discussion:Education Credit and Scholarships & Grants
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Discussion Forum Index --> Tax Questions --> Education Credit and Scholarships & Grants
Truthseeker (talk|edits) said: | 6 February 2007 |
| Publication 970 states the qualified education expenses can not be paid by non taxable Scholarship/ Grant funds and later claimed as Education Credit on form 8863. Does anyone know if the amount on a 1098T box 1 (qualified expenses) have already been adjusted by the amount in box 3 ( scholarships; grants)? And, if the qualified expenses exceeds the amount of the scholarships/grants we will take the difference to the education credit form 8863. Thanks
| |
| February 7, 2007 | |
| No, you have to subtract the scholarships/grants from the amount in box 1. 2nd question - yes. | |
| February 7, 2007 | |
| I have a 1098T and the amount in box 3 is more than box 1 but they still had to pay $ 453.00. The amount in box 1 is only tuition while the amount in box 3 include scholarships for tuition and room & board. Is the amount of scholarship concidered to go to tuition first? | |
| 7 February 2007 | |
| Yes tuition and fees first. Portion of scholarship that covers room and board is taxable. | |
Flyupfront (talk|edits) said: | 7 February 2007 |
| Is it true that you can still receive the credit if the amount in box 2 "amounts billed" exceeds the amount in box 5 "scholarships or grants"
My understanding is that $$$ received or $$$$ billed are essentially equal in this case. ??? Thanks | |
Flyupfront (talk|edits) said: | 7 February 2007 |
| Also, your link brings up a 2005 copy of 970......is that still valid?
Thanks | |
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