Scholarships and grants may be taxable depending on what they were used for.
Loans do not count as income.
You may also be eligible for credits depending on your filing status.
If someone else claims you and they use your education expenses for a credit, you need to check with them to see if they allocated any of your grants as taxable income for you to claim.
FILING REQUIREMENTS FOR TAXPAYERS: UPDATED FOR
TAX YEAR 2018
Single
under 65 $12,000
65 or older $13,600
Head of Household
under 65 $18,000
65 or older $19,600
Married, Filing Jointly***
under 65 (both spouses) $24,000
65 or older (one spouse) $25,300
65 or older (both spouses) $26,600
Married, Filing Separately
any age $5
Qualifying Widow(er) with dependent child
under 65 $24,000
65 or older $25,300
FILING REQUIREMENTS FOR DEPENDENTS:
Single dependents—
Were you either age 65 or older or blind?
No. You must file a return if any of the
following apply. 1. Your unearned income was more than $1,050. 2. Your earned
income was more than $12,000. 3. Your gross income was more than the larger of—
a. $1,050, or b. Your earned income (up to $11,650) plus $350.
Yes. You must file a return if any of the
following apply. 1. Your unearned income was more than $2,650 ($4,250 if 65 or
older and blind). 2. Your earned income was more than $13,600
($15,200 if 65 or older and blind). 3. Your gross income was
more than the larger of— a. $2,650 ($4,250 if 65 or older and blind),
or b. Your earned income (up to $11,650) plus $1,950 ($3,5500 if 65 or
older and blind).
Married dependents—
Were you either age 65 or older or blind?
No. You must file a return if any of the
following apply. 1. Your gross income was at least $5 and your spouse files a
separate return and itemizes deductions. 2. Your unearned income was more than
$1,050. 3. Your earned income was more than $12,000. 4. Your gross income was
more than the larger of— a. $1,050, or b. Your earned income (up to $11,650)
plus $350.
Yes. You must file a return if any of the
following apply. 1. Your gross income was at least $5 and your spouse files a
separate return and itemizes deductions. 2. Your unearned income was more than
$2,350 ($3,650 if 65 or older and blind). 3. Your earned
income was more than $13,300 ($14,600 if 65 or older and blind).
4. Your gross income was more than the larger of— a. $2,350 ($3,650 if 65 or
older and blind), or b. Your earned income (up to $11650) plus
$1,650 ($2,950 if 65 or older and blind)
CLICK
HERE for IRS Pub 501 Exemptions, Standard Deduction, Filing Information
