So I do not believe I owe any money on taxes from scholarship because I was required to pay room and board this school year. Has anyone reported their taxes on their scholarships? Also, since I already filled my 1040, what should I do? Er: Move this to the hangout, the BBS layout messed me up. Added: And as a follow-up. How do I refile reporting my excess earnings from my scholarship (room and board + excess)?
There is a tax ammendment form. My significant other had to file one last year because a whole bunch of earnings got reported that she was unaware qualified. If you wait more than three months (I think) they begin to charge interest on the outstanding amount, so do it soon. I'm afraid I don't know the exact name or number of the form. We had an accountant do it for her. I'm sure if you google "tax ammendment form" and it's variations you will be able to find it.
How do I calculate how much I owe? I can't find the correct worksheet for the life of me. I also received this email. This message is being sent to you from the Office of Fees and Deposits as notification that you will not be receiving a 1098T for the 2005 tax year. In accordance with IRS publication 970 http://www.irs.gov/publications/p970/ the education credits (scholarships, grants, OTTA/College Advantage Payments etc) that paid your tuition in the 2005 tax year make you ineligible to receive tax credits for the tuition charges paid by those credits. Does this mean I do not have to file?
It means that do have to file an amended return. I once got a W2 for earnings late that would have given me a BIGGER refund. I said "screw it" and didn't file an amended return showing the additional income. The IRS came after me 2 YEARS later and made me pay a PENALTY even though I actually saved the government money!!!!
So, I have no 1098T, with my scholarship money I am no longer a dependent and that means if I made less than $8,200 I don't have to file. But I already filled a 1040EZ which I cannot use if I report scholarship money, so this means I am confused. I am not sure which expanses were required fees and which weren't since everything on my statment of account last 2005 was required fees to attend (room, board, meal plan, et al were required for all incoming first year students, you had to pay to attend). I really wish I had someone who knew what was going on to help me.
The 1098T would help you get a larger refund as those expenses can potentially be used to offset taxes owed. Not getting a 1098T doesn't really help you any. I'm not sure how your situation would play out, but what I would recommend (if you don't get any useful advice here) is to go to http://www.turbotax.com - you can fill out your taxes online. I believe its free to do, and then you have to pay if you want to file them. It will at least let you go through the process and will ask you questions about your income and scholarships and stuff like that - so you might be able to figure out if you include those earnings, do you owe any taxes?
Oh - tuition and fees are generally the non-taxable items. Room, board, meals do not count. I believe books can count if they were purchased from the school itself (but not from a bookstore).
I should not owe taxes, but I already filled. I need assitance in the 1040X and how I should go about including my tuition. Grrr... I wish I could get help from the Ohio State University.
http://www.irs.gov/efile/article/0,,id=118986,00.html I don't know if this can help in your case, but there is an IRS program for free electronic filing for people with under $50,000 gross adjusted income. You might want to look through those to see if there's any help.
I'm like the 1000th person to say this, but here it is: As far as scholarships are concerned, in TaxAct, the JP Lasser documentation said that you don't have to pay taxes on them if they go to tuition. But if they go to room and board, etc. you do. Thankfully mine went to tuition, so I am good.
Alright, I did everything you guys have mentioned ( I found a worksheet ) and I can file my 1040X now. I still don't owe, w00t.
