I just recieved a tax statement for my grants, scholarships. I was awarded a Pell Grant and school scholarship and used as much as I needed to for school. Do I have to pay income tax on the entire grant money, the difference that wasn't used, or none at all?
THANKS!!!
My tax info (if it makes a difference):
$2775.00= $2,025 for pell grant, $750 for school scholarship
$1810.46= spent for tution and related expenses
Difference= 964.54
My total reported income for this year was $1,065.44. I am a dependent to a low income single mother. I only worked a couple weeks until I started college.
Thank you so much for your time.
2007-02-11 17:21:05 · 2 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
You're in the clear. Even if part of the grant is taxable you still have enough of a standard deduction to cover it. In any case, I suspect you have more allowable expenses than you think. Have you looked at Pub 970? The link is below. For some reason, this has not been updated for 2006, but the general principles still hold
2007-02-11 23:32:35 · answer #1 · answered by skip 6 · 0⤊ 0⤋
maximum faculties difficulty you a fact of your prices in case you got through the faculty, or you may want to pick receipts of prices you paid for that were for training in case you've been audited those might want to be required
2016-10-17 06:38:52 · answer #2 · answered by swailes 4 · 0⤊ 0⤋