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Fasa & 1080-T

ChaosLyChaosLy Posts: 3Registered User New Member
So, I am a dependent student. My mom filed her taxes a few weeks back already. I just recently received in the mail 1080-T. I was wondering does that affect my mom's taxes in anyway seeing as it shows that I get more scholarship and grant money then my tuition actually is. Does she need to go back and have the people who did her taxes to add anything or fix anything or no? (I know badly explain and worded.)
Post edited by ChaosLy on

Replies to: Fasa & 1080-T

  • swimcatsmomswimcatsmom Posts: 14,999Registered User Senior Member
    Any taxable scholarship/grant income is taxable to you, not to your Mom. You need to check and see if you need to file a return.
  • ChaosLyChaosLy Posts: 3Registered User New Member
    But, I don't work so have no source of income and the academic scholarship money I get back is about $300. Would that mean I still have to file a return?
  • swimcatsmomswimcatsmom Posts: 14,999Registered User Senior Member
    A single person who is claimed as a dependent on someone elses tax return has a Standard deduction of $5700. If your total earned income including the taxable scholarships/grants is less than $5700 you should not have to file a return.

    It is not the amount that you get back that is important. It is what the scholarship/grant money paid for that matters. Only scholarship/grant money used to pay for certain qualified education expenses is non taxable. If it is used to pay for other expenses it is taxable. For instance tuition, fees, and required books are qualified expenses. Room and board is not (meaning scholarships used to pay for room and board are taxable income). So you need to calculate how much of your scholarships/grants are taxable. Then you can determine if your income was high enough for you to be required to file a return.
  • ChaosLyChaosLy Posts: 3Registered User New Member
    ^ Sorry for being so complicated and asking so much, I have to do all this on my own basically so I like to be 100% clear on everything. Since basically all my scholarship/grant money goes to paying my tuition and all I receive back is 300 (meaning it is $5700) I do not have to file a return. I just like to make sure I understood what you were saying.
  • swimcatsmomswimcatsmom Posts: 14,999Registered User Senior Member
    If all except $300 goes to tuition and books (and not to room and board) and you have no other income, then you are below the $5700 standard deduction so should not have to file a tax return. (disclaimer: I am not a tax accountant so if you have any doubts you should always ask a tax expert)
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