I am a graduating college student that has little to no idea of what’s going on in regards to taxes. Pardon the ignorance, but i was not aware we had to pay taxes on scholarships that’s left over after costs likes tuition and the such. I was always under the impression that since the rest of the money went to university apartment rent, at least in my case, it wouldn’t be considered as income. That being said, I attended UCLA from 2015-2017. And i didn’t list the leftover scholarship money when I did my taxes in 2016/2017. I did work, and i did file out the taxes from the income i earned from my jobs, but never the scholarships. We, my mother and I, would just go to our tax person and we would give them our tax forms from our jobs, and that was the end of it. I wasn’t aware of this. So really there’s 4 questions that need to be answered for me.
I read that scholarship taxes are only taxes at the state level, as in not for social security or medical, is this true?
If not, and either way, on my 1089t it says about 4500 is taxable for one given year, so how much would I expect to pay from that if it’s the same for two years?
I’ve been listed as a dependent for my mom up until last year, will this affect her?
Am I in deep trouble?
Also, side note while I was looking around for information, but a cnn article said that the IRS doesn’t really penalize for not reporting scholarships? Is this also true?
