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I'm trying to figure whether or not scholarships and grants are supposed to be taxable, and if I would be required to report this in my FAFSA and file my taxes. I didn't work last year, so I thought I didn't need to fill out a tax form. According to the W-2 from my college, my amount billed for tuition and related expenses was $40195, and my total scholarships/grants was $37601.
I do not have to report any taxable income on the FAFSA, and I don't have to fill out a tax form, right?