<p>help im confused.
My college sent me a tuition statement form 1098-T</p>
<p>It states my tuition and expenses were 28555.00 and i received 10,300 in scholarships and grants and this will be submitted to the irs. I went to file my taxes with my parent. I filed a 1040ez and my mom filed a 1040a and put me down as a dependant and received a hope credit of 1,800. Now im trying to fill out fasfa.</p>
<p>Do I have to show the scholarship on fasfa and the hope credit on fasfa?
example on questions 33-47
Question 46A on fasfa---Students education credit--Is that Hope credit? Do i show that on parents section since mom received the credit of 1,800?</p>
<p>Students grant and scholarship Aid reported in AGI....I don't have any adjusted gross income...I made 4,000 in wages...do I have to show the 10,300 in scholarship on fasfa?</p>
<p>same question for me. does the scholarship amt reported in box5, 1098-T, go in as the answer for fafsa question 46d , student’s add’l financial infom or question 94d, parents add’l financial info?</p>
You only have to report them on FAFSA if they are taxable and included in your AGI. If they are not taxable (they are taxable when they are used for paying for something other than tuition and fees and required books) then you do not report them. The reason the question is asked is so that the EFC formula can deduct any taxable aid included in your income before your EFC is calculated so that your EFC is not increased because of the aid included in income. If the scholarships are not taxable they are not included in your income in the first place so do not have to be deducted.</p>
<p>By the way, if you had any income from work and filed a tax return you do have an AGI. Even if your income was only $4000 you should file a tax return if you had any taxes deducted as you will be due a refund.</p>
<p>If your Mom claimed the Hope tax credit on her tax return this should be reported on the parent question on FAFSA. It would only be reported in the student section if the student had claimed the credit on their own return.</p>
<p>if a student’s only income is income from investments (and not from work), doesn’t that student have an AGI ?</p>
<p>so re the box 5 , 1098-T amount from schoalrships or grants, since the scholarship/grant in our case was completely for tuition (it reduced the gross amt due transparently and was from the college), I can take it that this amt should not be included in the FAFSA line - in either of them, whether the parent’s or the student’s?</p>
<p>Yes if there is any income that is required to be reported to the IRS student will have an AGI. The difference is that an income of $4000 from working would not require that the student file a return (though would be a good idea to get any tax refunded), $4000 in unearned income would require the student to file a return as the cut off for being required to do a tax return is much lower for unearned income than for earned income.</p>
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<p>If the scholarship/grant was not taxable (used for tuition/fees - the same tuition and fees used for making the scholarship non taxable cannot be used to claim the hope tax credit) then it is not reported anywhere on FAFSA.</p>
<p>there are two boxes on the 1098-t. I believe that the amt from box2 was used for the consideration of some kind of tax credit. I believe it might have been the hope credit AND the lifetime learning credit. the tool I used looked at our income to see if it satisfied one or the other credit. I believe it was determined that we satisfied the one that was not the Hope credit. we recvd a 2,000 adjustment to income.</p>
<p>So since we used the amt in the box2, does that mean that the scholarship/grant from box6 should not be included in fafsa?</p>
<p>the amt in the box6 on the 1098-t is something like 6,200. my daughter had 0 earned income from work, and 2300 from unearned income from the distribution of the sale of a stock.</p>
<p>If you use the tuition and fees to get the education credit you cannot also use it to make a scholarship not taxable. For instance if the scholarship was $1000 and the tuition was $1000 (i know - ha ha - but just for simplicity sake) you can use the $1000 tuition to make the scholarship non taxable but cannot also use the same $1000 to claim an education tax credit. However if the scholarship is $1000 and the tuition is $2000 you can use $1000 of the tuition to make the scholarship non taxable and the other $1000 to claim a tax credit. Or you can choose to use the whole $2000 tuition to claim the tax credit and make the $1000 taxable income if that works out better taxwise. You just have to choose which tax credit is best for you - you cannot use the same expenses more than once. </p>
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A tax credit is not an adjustment to income. it is an adjustment to your taxes (a much better deal). </p>
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i don’t understand what you mean. There is nowhere on FAFSA that asks you to report information from the 1098T. What you are asked for is information from your tax returns. If some scholarship money was taxable you report that on FAFSA. And if you claimed a tax credit you report that on FAFSA.</p>