<p>So I have around 10k of taxable scholarships (I subtracted the amount I used for tuition and for books), but I'm not sure where I would put that on my FAFSA. Would that be under wages and tips for AGI, or just wages and tips in general?</p>
<p>I also have to file a tax return (1040EZ?) for this year for those scholarships, right?</p>
<p>Sorry for the questions, and thank you!</p>
<p>Yes, you will have to file a tax return if your taxable scholarships are $10k.</p>
<p>On your tax return, taxable scholarships are included in the total with wages etc, but you (or most likely your tax software) write SCH $10,000 next to the line description.</p>
<p>On FAFSA it would show up in your AGI. There is another line on FAFSA that asks how much taxable scholarships/grant money was included in your AGI. Make sure you complete this correctly as that amount is deducted from your AGI in the EFC formula so the taxable scholarships do not impact your EFC.</p>
<p>Thank you swimcatsmom! I just had another question. So I am looking at the FAFSA right now, and it asked me if I will file a tax return. I selected “will file.” It then asks me what my adjusted gross income will be for 2012. I selected income estimator, and it gives me various fill-in-the-blanks:</p>
<p>Wages, salaries, tips…etc
Interest income:
Dividens:
Other taxable income (alimony recieved, business and farm income, capital gains, pensions, annulities, rents, unemployment compensation, Social Security, Railroad Retirement, and all other taxable income)
IRS allowable adjustments to income</p>
<p>Under which blank should I enter my taxable scholarships amount? And is it okay for me to subtract myself how much I used for required textbooks, because the college may not take that into consideration in the 1098t they send me later?</p>
<p>Thanks!</p>
<p>Bump! Please help!:(</p>
<p>I would like to know the same for my FAFSA :O</p>
<p>Taxable scholarship will impact your 2012 tax returns but not your 2013-2014 FAFSA/EFC.
See above reply from swimcatsmom</p>
<p>You should use your 2011 tax returns to estimate your 2012 tax return and file your FAFSA.</p>
<p>See IRS Pub 970 [Publication</a> 970 (2011), Tax Benefits for Education](<a href=“http://www.irs.gov/publications/p970/]Publication”>Publication 970 (2022), Tax Benefits for Education | Internal Revenue Service) chapter one for taxable & tax-free scholarships.</p>
<p>TF, in the estimator put the taxable scholarships amount with wages, tips etc. That’s where it will go on the 1040EZ. Then be sure to enter the taxable scholarship amount on the later fafsa question that asks how much of AGI was from taxable scholarships.</p>
<p>Yes, you can subtract out required book/supply costs that weren’t directly billed by the school. You should have and keep the receipts for those purchases that show how much they cost.</p>