NMF Scholarship and taxes

lisa6191
Tue, 25 Feb 2014 20:05:30 +0000

OK, so using his account statement on myBama, I came up with $40,307 as the total scholarship money awarded for both semesters, and $27,911 as the total amount of tuition and fees charged for both semesters (not including any room and board or miscellaneous charges). So the difference is taxable?? Yikes! It looks like I can also deduct books purchased for classes though, is that right?

I still have no idea how to do it on TurboTax, but I will figure that out. I just want to make sure I am using the right numbers.