So I started college in fall 2009. According to my 1098-T form, I receive a scholarship (Box 5) of $8370 (which covers 2 semesters - Fall 2009 and Spring 2010), and the amount billed to me as a qualified tution and related expense (box 2) is 3010 for that one semester, Fall 2009.
So the question is, how do you report this information on my tax form? Do I still get higher education tax credit? AKA American Opportunity Credit?
Also as for the net gain from my scholarship and tution, does it have to be reported as an income that's taxable? If so, how? Under which line of form 1040?
Personally, I think it should not be taxable because we need it to purchase food to eat at school, and books for classes...
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So the question is, how do you report this information on my tax form? Do I still get higher education tax credit? AKA American Opportunity Credit?
Also as for the net gain from my scholarship and tution, does it have to be reported as an income that's taxable? If so, how? Under which line of form 1040?
Personally, I think it should not be taxable because we need it to purchase food to eat at school, and books for classes...
No Advertisments. Serious answers only.