If one gets a graduate school felloship that pays for tuition and other expenses such as room, board, etc. can you report the entire scholarship as income and then claim life time learning credit or do you subtract the portion paid for tuition and report the balance as taxable income. The former method appears to result in lower tax.
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April 30th, 2010 at 9:13 pm
yes no
April 30th, 2010 at 8:59 pm
No, if you don’t actually pay the tuition and fees, you can’t take an education credit for it. But you wouldn’t have to pay tax on the part of the fellowship that was paying the tuition and fees either.