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Do I as the student and non-dependent report the non- qualified expenses of my 1098-T as income?
I'm 19, but my parents can't really claim me and will not be paying taxes either way. I am just trying to understand if it's right if I put the amount of income($8,600 for room and board) and then not be eligible to claim anything since technically all of my scholarship(~27,000) was used to pay for tuition. Clarification would be nice because as it sits, I lost my refund I thought I was getting and now owe my state(MI) tax.
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Do I as the student and non-dependent report the non- qualified expenses of my 1098-T as income?
You are doing it correctly and it is income to you. Sorry about this, but great you are getting the nice scholarships.
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Do I as the student and non-dependent report the non- qualified expenses of my 1098-T as income?
Oh, I earned around $5500(withholding was 0) with my jobs and that pushed me up to around $14,000 so the standard deduction of 12,000 didn't really apply anymore.
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Do I as the student and non-dependent report the non- qualified expenses of my 1098-T as income?
The standard deduction is still helping as otherwise your taxable income would be much higher.
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Do I as the student and non-dependent report the non- qualified expenses of my 1098-T as income?
You are doing it correctly and it is income to you. Sorry about this, but great you are getting the nice scholarships.
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