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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 Reply
Carl
Level 15

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.

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.

 

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