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Level 1

I am a full time college student. I submitted my taxes and my scholarship counted as income. My parents say that is wrong. Do I need to file an ammendment? Help

 
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Level 1

I am a full time college student. I submitted my taxes and my scholarship counted as income. My parents say that is wrong. Do I need to file an ammendment? Help

Your scholarship can count as income if it exceeds your education costs. If not, then it is not income and should not be taxed. 

If your Box 5 amount is significantly larger than your Box 1 amount on your 1098-T then you may have some taxable income from the scholarship.

If you feel like you filing was not correct, here is the link to instructions for appropriate amended return year.


https://ttlc.intuit.com/replies/3288565