<p>completing my son’s tax return I used the info on the 1098T
box 2–amounts billed–37,222
box 5–scholarships–49,812</p>
<p>I thought the taxable portion (room and board expenses) was 12,590</p>
<p>taxact showed his tax due to be almost 8,000. I’m hoping I did something wrong…(I’m very grateful for his scholarships however can’t imagine he would have 8K to pay in tax on 12K) Any ideas on what is wrong here? thanks sooo much!</p>