I am a college student, and I have a scholarship.
Does this mean that I have to use a Long Form or can I use a 1040 EZ form?
Any help is greatly appreciated!
2007-03-17 16:11:09 · 7 answers · asked by WiseWisher 3 in Business & Finance ➔ Taxes ➔ United States
If all you have is a scholarship you don't even need to file. If you had a job then yes you probably want to file if you and any withholding you may be eligible to get a refund. Generally speaking if you have more than 5150 of earned income (Not Scholarships you need to file) or if you have a lot of capital gain you will want to file. Most likely you would be eligible for the 1040EZ.
2007-03-17 16:20:40 · answer #1 · answered by Anonymous · 0⤊ 0⤋
Go to IRS.gov
Anyone making under $50,000 a year qualifies for free
electronic filing. I recommend Tax Cut or Turbo Tax. I am an accountant & I use taxCut every year. Anyone can add wrong, type wrong or just forget a deduction ( the questions are life savers). It will start by asking a few questions like are you single, married, can you or are you being claimed by someone else, what type of income you have & etc. It will then recommend a 1040-1040A or 1040EZ. I believe you need a 1040A but they will decide. It will ask more questions & then check for mistakes. Then you will file electronically & be given the option of direct deposit (usually around 10 days for refund). It is easy & free & you can even file most states the same way. Good luck!
2007-03-18 00:31:06 · answer #2 · answered by Wolfpacker 6 · 0⤊ 0⤋
Unless you own a home and/or gave a lot of money to charity this year, you should only need the 1040 EZ form. My advice is for you to just go grab the basic version of TurboTax and do it that way on your computer.
2007-03-17 23:15:44 · answer #3 · answered by It's Me 5 · 0⤊ 1⤋
It seems that the short form is ok. Unless you have many medical expenses and many many expenses that will make you have a better outcome, you should file short form. Most colleges have help for students with taxes. Go to an accounting instructor/professor and get his/her thoughts, heaven knows they know.
2007-03-17 23:31:57 · answer #4 · answered by grannywinkie 6 · 0⤊ 0⤋
Normally EZ form to receive refund of taxes you may have paid on income .... other variables may require you to use the longer form ...
2007-03-17 23:18:28 · answer #5 · answered by burlingtony 2 · 0⤊ 0⤋
Under the Tax Reform Act, a scholarship is not considered taxable income except to the extent that it exceeds tuition and related costs.
2007-03-17 23:15:31 · answer #6 · answered by Anonymous · 1⤊ 0⤋
file free online
2007-03-18 08:33:54 · answer #7 · answered by Anonymous · 0⤊ 0⤋