<p>swimcatsmom explained it well-- reread her post.</p>
<p>Bottom lines:</p>
<ol>
<li><p>$8913 - $3523 = $5390 taxable income from the Grant/scholarship funds.</p>
<ol>
<li>You’re probably required to file a tax return-- check the IRS site.</li>
<li>Regardless of whether you’re required to file, the $5930 gets reported on FAFSA (along with any other income) as part of your Adjusted Gross Income. Then you also report the $5930 on one of the Worksheets, and the formula subtracts if from your AGI so that it won’t adversely affect your financial aid next year.</li>
<li>“EFT Refund” isn’t a phrase that’s used by FAFSA or by the IRS-- so don’t put that figure anywhere.</li>
</ol></li>
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