<p>Hello I need help whether or not i have to file taxes this year. I am freshman at college and i am dependent student. I got my 1098 t form and i gave it to my sister (who which i live with and depend on) but i don't know if that was right because i got 9038 from financial aid and i only use 2693 for tuition and expenses.</p>
<p>What did the 1098-T say for scholarships/grants? What amount did it list for qualified tuition and fees?</p>
<p>For scholarship/grants$ 9,038.0 and qualified tuition and fees $2693.0</p>
<p>The next question is, was the entire $9038 for terms that began in 2010? Were you really only billed $2693 in tuition & fees in 2010? That seems like a ton of scholarship/grant money for so little tuition. I am wondering of the scholarships for January 2011 were applied to you student account in December 2010.</p>
<p>yes both fall and spring because on he form question #7 is check and says Check if box 2 (tuition and fees) includes amounts for academic period beginning January - March 2011</p>
<p>Okay, I know that some of the other regular posters know more about this than I do. Help them out … did you pay $2693 for fall? How much was applied to fall for scholarships … $4519? If you can just take the amount paid for fall 2010 in 2010 and the amount applied to 2010 costs, you would have $1826 that is taxable … less the amount you paid for books for fall term. But I could be wrong … you might have to use 9038-2693=6345 (then subtract fall book costs). Whichever amount you get to use, that must be added to any income you earned in 2010. If the combination is less than your standard deduction (5700 if you can be claimed as a dependent by someone, I believe), you don’t need to file. If it’s more, you must file & pay taxes. But DO NOT take my word for it … this is just what I <em>think</em> may be correct. You need to read the tax information ([Internal</a> Revenue Service](<a href=“http://www.irs.gov%5DInternal”>http://www.irs.gov)) for scholarships/grants.</p>
<p>Thank you so much!!</p>