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New Member
posted May 24, 2020 5:23:15 AM

1098 t is only income plus a 5,000 scholarship. Box 5 is greater than box 1. Do i need to file return even if standard deduction is higher than income..with no refund.

by no refund, i mean that zero refund is appearing since i completed my return.

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1 Replies
Level 15
May 24, 2020 6:21:37 AM

If your taxable income, including the taxable portion of any scholarships, grants, 529 distributions and any other third party income does "NOT" exceed your standard deduction of $12,300 then you do not need to file a tax return. However, if you have self-employment income that exceeds $400 for the year, or if you have investment income that exceeds $1,050 for the year, then you are "REQUIRED" to file a tax return and report "all" income from "all" sources on that tax return.