PLEASE HELP ME WITH MY TAX RETURN I AM LOWKEY CONFUSED

Forum|Forum|2 years ago
November 26, 2023
2 replies
30 views

OK so in box one of my 2020 college 1098-t form it says 7,057.88, in box 5 it says 10,223.60, and it says the loan amount was 14,698. Will I be able to get a tax refund from this?

Not A Product Question

rjs

Level 15

You cannot tell, just from your 1098-T, whether you will get a tax refund. There is no automatic refund for being a college student (though there is a popular urban legend that says there is). Whether you get a refund depends on your income, how much tax you had withheld, and many other factors.

You might actually have to pay some tax, rather than getting a refund. Your scholarship, in box 5, is more than your tuition, in box 1, so part of the scholarship is taxable income. But again, you have to look at your whole tax return, not just the 1098-T.

The amount of your student loan has nothing to do with whether you get a tax refund.

sosagu16Author

Level 2

I received monthly payments from the military l, but since it was from the military it is not taxable so that is my only taxable income.

DoninGA

Level 15

@sosagu16 What type of income?

If you are receiving VA disability benefits, that income is not reported on a tax return.

If you are receiving military pension income, reported to you on a Form 1099-R, that is taxable income and is entered on a tax return.

If you are receiving income as active military, reported to you on a W-2, that is taxable income and is entered on a tax return.

NCperson

Level 15

@sosagu16 note that the scholarship income is taxable to you (Box 5) but is reduced by the amount in Box 1 (plus any other qualified educational expenses), so on the surface, there is about $3200 of taxable income.