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Deductions & credits
If your expenses were only $15 less than your fellowship, that 15 is taxable and shouldn't affect your taxes much. If you had expenses, ie books, software, computer, etc some of those might be legitimate expenses depending on if you were going for the American Opportunity Credit or the Lifetime Learning Credit. You might do better by claiming some of the Fellowship as Income, and listing some of the Tuition and books as expenses. Talk to a tax professional.... go to an AARP Tax-Aide site and ask the question. or use this calculator to figure out another way to reduce your taxes. Watch the 22 minute video and see how this calculator works.
https://cotaxaide.org/tools/Education%20Calculator.html
‎January 25, 2020
6:46 PM