Do I need to file a tax return?

Paying for College
21

Thanks, @annoyingdad. :slight_smile:

22

Alright, so after dividing the aid in two, I realized I don’t have to file a 2014 return (I will have to file a 2015 one, though). Do I need to submit proof to the IRS regarding this, or do I simply not file? Thanks.

23

You don’t need to do anything. Start a file to keep your records though.

24

@BrownParent Ahh good to know. Yeah, I keep an excel file on the cloud detailing all expenses. Thanks!

25

I meant a physical fine with award letters, tax documents, etc, lol.

26

Even if you don’t have to file a return, I recommend that you do. It is so much easier to have one if you have to go through verification or need to provide it. It’s free.

27

Yes, keep a physical file of printouts of bills, receipts for books and supplies, cancelled checks, tax documents provided by the school or employers, your spreadsheet etc. If a return is ever questioned by the IRS you need more than a spreadsheet you created. Some of these things can be obtained later if needed by the IRS but it’s just easier to save them at the time when everything is fresh in your mind and they’re easier to obtain.

28

See http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/How-long-should-I-keep-records

However, if you file tax return, you may only keep the records for three years. (I keep my copy of tax returns indefinitely; but I discard most of my supporting tax records 3-4 years after I filed my tax return.)

29

Yes, I do keep all physical receipts and scholarship checks lol (as well as scanned digital copies) & could easily print out financial aid awards if necessary. Thanks.

@twoinanddone Hmm I’d rather not deal w/the hassle of filing this year haha, but thanks. I will have to file next year anyways due to job earnings.

30

One last question
sorry
One of the scholarships I received was a $2000 local scholarship, which when reported to my college, they listed as “$1000 for fall 14” & “$1000 for spring 15” in the financial aid package. However, I received the entire amount of $2000 in 2014, as a check. Would the entire 2k be included in 2014 calculations or be split evenly, half for 14 & half for 15 tax yr?? Either way it doesn’t affect 2014, but it would affect how much I’d pay in taxes for 2015.

31

If you cashed the check in 2014 then that’s when you received all of it.

32

@annoyingdad Thanks!