Skip to main content

Legal

Tax & Accounting

Trade & Supply

Risk & Fraud

News & Media

Books

Developers

Education

Report Form 1098-T, Box 5

Follow these steps to report Form 1098-T, Box 5.
  1. To figure out if the amount in Box 5 is taxable or not, refer to IRS Publication 970, Tax Benefits for Education.
  2. If the amount is determined to be taxable (and it was not reported on Form W-2), go to the
    Income
     screen in the
    Income
     folder.
  3. Open the
    Other income
     statement window.
  4. Enter Federal Code 5 - Txb scholarship not on W2 and the amount. This will transfer to Form 1040, line 1.
If the student is the taxpayer, scholarship amounts that are entered on the
Scholarships and Grants
 field, in the
Eligible student information
 statement window that are in excess of amounts entered on the
Pymt Rec'd Qual Tuition
or
Amt Billed Qual Tuition
 fields will transfer to Form 1040, line 1.
note
If the student is a dependent, you'll need to enter the excess scholarship amounts in the
Other income
 statement window on the
Income
 screen in the
Income
 folder.

This article applies to:

  • Product: UltraTax CS
  • Return type: 1040 Individual
  • Subject: Education

Related content

error-icon

Triva isn't available right now.

Check out the support page for our phone number and hours

error-close