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Am I going to be eligible to any college grants?

Can I file taxes with my scholarships and or grants I recieved while going to college?

  • I went to college this year and I was told I could use my financial aid as income. I have not worked this year but have gotten scholarships and grants which I had to pay taxes on. I just got my 1098-t form tonight so I was wondering. If I pay my parents rent out of my college money how do I prove that I did so? I have receipts but I am not sure if that is enough.

  • Answer:

    CAN you file? You might have to. Grant or scholarship money used to pay rent is taxable income so you'd have to show those amounts as income, and if it's over $5700 if you're a dependent or $9350 if you aren't, you'd have to pay tax on that amount. You sound like you think you'll GET something if you file. You won't - if anything, you'd owe. This wouldn't give you EIC, that's only for income from working.

tmk at Yahoo! Answers Visit the source

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You do not have to show that you used it for rent. You just have to show that you did not use it for school. You must pay tax on all scholarship and grant money that is not used for education. Just find the total amount and subtract whatever was used for education.

StephenWeinstein

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