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New Member
posted Mar 21, 2020 10:22:09 PM

Can someone help me with doing my income tax? I am a full time student, with no income but received scholarships and student loans.

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2 Replies
Level 15
Mar 22, 2020 3:00:36 AM

you may not have a requirement to file

 

1) take a look at form 1098T.   

2) if Box 1 exceeds Box 5 AND you are a dependent of your parents, they are to file this form.  You have no need to file a tax return.

3) if Box 5 exceeds Box 1, and the difference is less than $12,200, you have no obligation to file a tax return and there are no taxes to pay.  

4) repost if none of these situations apply

Level 15
Mar 22, 2020 3:02:21 AM

Most non working students do not need to file a tax return and get no benefit for doing so. But, there are exceptions.  Loans are not reportable income.  Scholarships that are used to pay qualified expenses (tuition, fees, books and course materials) are tax free.  Even if some of your scholarships are taxable, the taxable portion would have to be more than $12,200 before you needed to file.

 

Are you claimed as a dependent by someone else (parents)?

How old were you, on 12-31-19?

What amounts are in box 1 and box 5 on your form 1098-T?