<p>As far as studying abroad, I’m not sure. The IRS says tuition is tax-free if you are attending an “eligible educational institution” and are a degree candidate. Were you earning credits toward your degree? I don’t know if this was an “eligible institution.” You can read IRS publication 970 online and then call the IRS toll-free number which is on their website tomorrow if you have more questions (be prepared to wait on hold).</p>
<p>Please, OP, I’m begging you. Go see a tax preparer. You definitely are not going to be able to use the EZ form. You might have supporting schedules as well.</p>
<p>OP, first get a ballpark idea if you owe taxes for last year. File for an extension and so that the april 18 deadline isn’t hanging around your neck and then get help. If you owe taxes, the money has to be sent by then even if you file for the extension.</p>
<p>Also note, there could be state tax and local tax returns that are also needed to be filed. Get hold of your dad’s docs from last year, and get help from a local accountant if you can.</p>
<p>Yes, you shouldn’t do the taxes yourself, if you’re not sure how to do it. Mine were fairly simple once I was able to get my questions about reporting the taxable scholarships answered. If money is a problem, IRS offices and other places will prepare your taxes free if you make less than a certain amount. But it would be good to understand how the scholarships are to be reported because I talked to one accountant who said they didn’t need to be reported at all. I talked to several accountants on an online forum who didn’t know what I was talking about and kept telling me about tax credits, which no one was trying to claim since the school paid for everything. I even went to an IRS office and that woman couldn’t answer my question about what year to report my scholarships in, because of the way it way presented on my 1098-T (billed in 2010 and paid in 2011). So it would be good to know how the scholarships should be reported if someone else is preparing your taxes because they may not know and may do it incorrectly. I called the IRS several times and this seems to be an area not too many people are familiar with so I had a hard time getting my questions answered. From your original question, I’m not even sure if you even want help with filing your taxes or just want to get an idea of what you owe. I couldn’t afford to hire an accountant so I had to figure it out myself. </p>
<p>What I said above IS the correct way to report taxable scholarships if you didn’t get a W-2 for them, according to the IRS. The part about reporting things in the year they paid rather than in the year they are billed IS correct according to a woman from the IRS who finally took enough time with me on the phone to find the answer in a different publication (not in publication 970).</p>
<p>Bluehorse, at this point, the IRS is generally booked for the free appointments and the freefile sites will not offer the OP any advice. since this is his first year, it would probably b worth it to just go somewhere to get it done. If he values his time, the amount of research needed to get fill out the forms, etc is greater than the amount that he would pay to go to a tax preparer. Also, with his father’s passing there could be tax consequences that can be addressed for the year ahead.</p>
<p>Yes, that may be true. It’s just that not everyone can afford to go to a tax preparer so I was trying to help if that was the case, as it was for me.</p>
<p>definitely not doing this myself. just gathering as much info as i can to understand this.</p>
<p>if i get $1000 to use on books, but only use $300, the $700 is taxable right?</p>
<p>no state taxes to worry about since I’m from texas.</p>
<p>i guess i need to tell my mom if i can go see another accountant. my mom doesnt speak english very well, so the accountant we’re using is an asian one</p>
<p>what happens if i end up doing something wrong. does the irs tell you so that i can correct it?</p>
<p>Yes, the IRS will let you know if you do something wrong. The reason you want to avoid that is, you could underpay your taxes due, which means not only would you eventually get a bill for the underpayment, but interest and penalties might also apply. OTOH, if you overpay, you have to come up with that big chunk of money right now which might be hard, plus the IRS has your money until they get around to refunding it.</p>
<p>Curious – did your mom file her taxes yet? Did she claim you as a dependent? I won’t bore you with why, but this is critical information for the accountant to have. He/she will want to see Mom’s return as well, so take that along with you when you see him/her.</p>
<p>i think i might have to look back to the past two years to see if my dad did all this stuff correctly. so much work!! can’t wait till im on my own… haha</p>
<p>yes, my mom filed hers already because my brother needed it for fafsa or something. she claimed me as a dependent.</p>
<p>Good. :)</p>
<p>One poster upthread suggested filing an extension, which I think might be a good idea. Your accountant does a quick estimate of what you’d need to pay, and you send in the payment along with an extension form. Then you have until, I think, August to do the actual return. It’s getting close to the deadline for regular filing, so this would give you a bit of a breather.</p>