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Well to my surprise my 1098-T form has an excess of scholarships and grants over qualified tuition and expenses. I've never had this situation before so now I'm wondering how this effects us.
Box 2 (Tuition): $6,400
Box 5 (Grants): $8,872
I used the excess to purchase books and a parking pass for the year, and to pay for one last course.
So when we file our tax return, do I report any tuition expenses at all or pretend like I didn't receive a 1098-T? Or do I need to add the excess to our gross taxable income? I'm unsure what this means for us, and it's more difficult for me to figure it all out this year since we got married last year so we'll have a joint return.
Box 2 (Tuition): $6,400
Box 5 (Grants): $8,872
I used the excess to purchase books and a parking pass for the year, and to pay for one last course.
So when we file our tax return, do I report any tuition expenses at all or pretend like I didn't receive a 1098-T? Or do I need to add the excess to our gross taxable income? I'm unsure what this means for us, and it's more difficult for me to figure it all out this year since we got married last year so we'll have a joint return.