How do I enter a scholarship exemption

Students who receive financial awards such as Scholarships, Bursaries, etc. will receive a T2202 slip and  T4A with an amount in Box 105. It’s important to note the Scholarship Exemption.

 

First, please file your T2202 amount and report the correct amount of month, for more information follow this link How to claim T2202 Tax Form.

Then, enter your scholarship exemption amount into the correct Box 105 on T4A 

Pension, Retirement, Annuity, and Other Income 

in order to receive the exemption.

 

The taxable portion of these scholarships/awards will be entered on Line 13010 – Scholarships on the summary page.

 

For more information, please follow these links:

• Simple Steps for Students Filing Tax Returns 
• Financial Awards That Qualify for the Scholarship Exemption 

Thank you for using TurboTax.

Scholarships and other academic awards are considered income and must be reported on your return. However, you can reduce the taxable amount of this income if you meet the eligibility requirements for the scholarship exemption. 

First and foremost, please file your T2202 amount and then report it with the correct amount of month, for more information please visit How to claim the T2202 Tax Form.

TurboTax automatically calculates your exemption (the amount you won't be taxed on), from the information you enter in box 105. The remaining (taxable), amount is then included in the Other Income section on your tax return.

How to add your scholarship amounts to TurboTax

TurboTax Online:

1. In the upper-right corner of your screen, select Find (magnifying glass)*.
2. In the Find window, type in “T4A” and select “T4A Pension, Retirement, Annuity”. Click the “Go” button.
3. Click the “Enter New T4A” button at the bottom right of the page.

TurboTax CD/download:

1. On the upper-right corner of your screen, select Find (magnifying glass)*.
2. In the Find window, type in “T4A” and select “T4A Pension, Retirement, Annuity”. Click the “Go” button.
3. On the “Entering your federal T-slips” page, check the box next to T4A.
4. Click the Continue until you reach the T4A Summary page.
5. Click the “Enter New T4A” button at the bottom right of the page.

 * If you don’t see the Find button, you may not have completed the Setting Up/Introduction section of your return. Continue through the Setting Up section until the Find button appears.

 

For more information as per CRA please visit

CRA information on Line 130 – Scholarships, fellowships, bursaries, study grants, and artists' proje...

 

Thank you for choosing TurboTax, we are always here to help.