Education and form 1098T

[S T]

Have a student, can not be claimed by parents. Over age 24

Looking at 1098T and a College Transcript

1098T shows a scholarship that is in excess of Tuition billed in Box 2 - Guessing I can allocate to books, supplies - as it is only approx $ 350.

My question, do I have to report on the taxpayer's tax return - will not be claiming any education credits?

If possible, I would rather not!

Sandy

[FEDUKE404]

Eliminate any possible taxable income

Have a student, can not be claimed by parents. Over age 24

Looking at 1098T and a College Transcript

1098T shows a scholarship that is in excess of Tuition billed in Box 2 - Guessing I can allocate to books, supplies - as it is only approx $ 350.

My question, do I have to report on the taxpayer's tax return - will not be claiming any education credits?

If possible, I would rather not!

Sandy

It's my understanding that, at least in theory, a scholarship starts off "taxable" and then you back it down with allowable qualifying expenses. . .whatever they may be.

You mentioned amount billed. . .hmmmmm. There may be a crossover between semesters, as I've seen scholarships for a fall semester not "paid" until January of the following year, and hence on a different Form 1098-T.

In direct answer to your question, there is nothing to "report" unless you have taxable income from the scholarship. That would go on line 7 of Form 1040. But you have to know all of the underlying facts. . .

So far this season I've not been "blessed" with any Forms 1098-T, although I'm sure they are out there. . .lurking. . .

FE