I'm a full-time university student. I received form 1098-T and 1095-B this Jan. I'm still pretty new about the form stuff. I want to know if I need to file a tax return for them or there is nothing I need to do.
Thank you
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With respect to receiving a 1095-B, there is no need to file a tax return. Only those that receive 1095-A's MUST reconcile by filing a tax return.
The 1098-T also does not create a filing requirement in and of itself. As long as you made NO more than $12,000 you are not required to file a tax return.
[Edited 2-1-2020 | 11:39 AM PST] to clarify that income ABOVE $12,000 is what triggers the filing requirement.
what does it mean "As long as you made more than $12,000"?
The total amount on the Box 1 of my 1098-T is $11,638.34, and on the Box 5 is $9,034.00. Is that "$12,000" has anything related to my 1098-T?
He must have said it backward....as long as you made LESS than $12,200 you don't have to file. Unless you get a 1099Misc for self employment income.
Are you a dependent? Does your parents claim you?
Do you need to file a return?
No, the 12,000 has nothing to do with your 1098-T.
Since there were more expenses than scholarships, there should be an education credit available, but it does not sound like you supply more than half your own support if you have no other income.
If someone else claims you as their dependent, have them enter the 1098-T for a possible credit.
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