Dear Bogleheads,
I apologize in advance for the length of this post; I want to make sure that no pertinent information is omitted.
This past fall I enrolled as a part-time student in an online Master of Theological Studies program. My tuition for the 2023-2024 academic year was paid for entirely by a scholarship awarded to me by the ecclesiastical body to which the theological school belongs.
The scholarship was paid directly to me in August. I deposited the scholarship check in my non-interest-bearing checking account and immediately mailed a personal check for the full amount to the school (which was cashed just over a week later).
The full amount of the scholarship (~$8,000) has been in the school's custody since the beginning of September. ~$2,000 was applied to fall semester tuition (3 credits); the remainder (~$6,000) was applied to the spring semester (9 credits).
In late January, believing that I had all the documents necessary, I filed my taxes using TurboTax. I skipped the section pertaining to educational expenses, since my understanding was that the scholarship money (spent entirely on tuition and fees) wasn't taxable and the tuition and fees (paid entirely by the scholarship) weren't deductible.
In February (after I had filed my taxes) I received from the ecclesiastical body that awarded the scholarship a 1099-MISC with the ~$8,000 (not expressly identified as a scholarship) reported in box 3. I also received from the school a 1098-T reporting only the Fall '23 tuition and fees (~$2,000), not the Spring '24 tutiion (~$6,000) that I also paid in 2023.
My questions:
1) Do I need to file an amended return to account for the 1099-MISC?
2) Since I can document that the entirety of the scholarship money has been in the school's custody since September (having resided in my non-interest-bearing account for just over a week), can I offset the ~$8,000 reported on the 1099-MISC with the equivalent ~$8,000 amount I paid in 2023 for 2023-2024 tuition and fees, even though the 1098-T reports only the ~$2,000 paid for Fall semester '23?
I will be most grateful for any guidance anyone can offer.
Sincerely,
Grammaticus
I apologize in advance for the length of this post; I want to make sure that no pertinent information is omitted.
This past fall I enrolled as a part-time student in an online Master of Theological Studies program. My tuition for the 2023-2024 academic year was paid for entirely by a scholarship awarded to me by the ecclesiastical body to which the theological school belongs.
The scholarship was paid directly to me in August. I deposited the scholarship check in my non-interest-bearing checking account and immediately mailed a personal check for the full amount to the school (which was cashed just over a week later).
The full amount of the scholarship (~$8,000) has been in the school's custody since the beginning of September. ~$2,000 was applied to fall semester tuition (3 credits); the remainder (~$6,000) was applied to the spring semester (9 credits).
In late January, believing that I had all the documents necessary, I filed my taxes using TurboTax. I skipped the section pertaining to educational expenses, since my understanding was that the scholarship money (spent entirely on tuition and fees) wasn't taxable and the tuition and fees (paid entirely by the scholarship) weren't deductible.
In February (after I had filed my taxes) I received from the ecclesiastical body that awarded the scholarship a 1099-MISC with the ~$8,000 (not expressly identified as a scholarship) reported in box 3. I also received from the school a 1098-T reporting only the Fall '23 tuition and fees (~$2,000), not the Spring '24 tutiion (~$6,000) that I also paid in 2023.
My questions:
1) Do I need to file an amended return to account for the 1099-MISC?
2) Since I can document that the entirety of the scholarship money has been in the school's custody since September (having resided in my non-interest-bearing account for just over a week), can I offset the ~$8,000 reported on the 1099-MISC with the equivalent ~$8,000 amount I paid in 2023 for 2023-2024 tuition and fees, even though the 1098-T reports only the ~$2,000 paid for Fall semester '23?
I will be most grateful for any guidance anyone can offer.
Sincerely,
Grammaticus
Statistics: Posted by grammaticus — Mon Apr 15, 2024 1:17 am — Replies 0 — Views 78