Filing my taxes

kelsmom
Tue, 29 Mar 2011 23:24:31 +0000

Okay, I know that some of the other regular posters know more about this than I do. Help them out … did you pay $2693 for fall? How much was applied to fall for scholarships … $4519? If you can just take the amount paid for fall 2010 in 2010 and the amount applied to 2010 costs, you would have $1826 that is taxable … less the amount you paid for books for fall term. But I could be wrong … you might have to use 9038-2693=6345 (then subtract fall book costs). Whichever amount you get to use, that must be added to any income you earned in 2010. If the combination is less than your standard deduction (5700 if you can be claimed as a dependent by someone, I believe), you don’t need to file. If it’s more, you must file & pay taxes. But DO NOT take my word for it … this is just what I think may be correct. You need to read the tax information ([Internal Revenue Service](http://www.irs.gov)) for scholarships/grants.