I'm a college student who's trying my best to understand my taxes. My scholarship covered $3800 over my qualified expenses, so it's my understanding that should be reported as income and is taxable. Though I'm confused as to whether I pay taxes on that income or my mom does. She does claim me as a dependent!
To make things more complicated, I have multiple jobs. Two of which I was NOT paying FIT or SIT because I was basing my income on my previous years' income, not knowing my scholarship would be significantly increased. So, I'm afraid if I need to report the $3800 portion of my scholarship as income, I will now be over the minimum amount to pay SIT and FIT, and I'll owe a lot. I'm not sure I even have the money to pay for that. Please correct any mistakes in my understanding, thank you.
