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Question: Student financial aid/loans/grants taxes questions?

(Posted by: on 2010-06-08 01:23:33)

I'm a dependent student in college. Currently unemployed. I received a total of $10, 600 in financial aid this year. $6100 from grants which all went towards books and academic course payments. $3500 is from a subsidized student loan 1000 is from a success scholarship. As I previously stated I have no other sources of income. I received a notice today that I was supposed to file taxes and I had no idea. I'm 19 and in my first year of college so I'm quite new to all of this. My questions are What form should I file (1040EZ 1040 1040A)? What goes where (In other words what from the listed amounts above is taxable/ tax exempt) I apologize if my phrasing is incorrect. Thank you for any help that you maybe able to provide and I apologize for my lack of knowledge. Thats the thing...I had no actual income. According to the little bit that I understood from the website, the only thing that could qualify as income is the $1, 000 scholarship. I received a notice from my school saying that financial aid would be witheld until they receive mine and my parents tax information...

Posted by: the tax lady on 2010-06-08, 05:18:20

Call 1-800-829-1040 and ask someone to review your income with you to see if you have a filing requirement. As a dependent, you have a filing requirement if your income is more than $5700 and that includes scholarship income that is more than your tuition (do not include books). Who told you that you needed to file for 2009? FAFSA?

Posted by: tro on 2010-06-08, 08:49:56

From whom did you get the notice to file taxes? IRS does not send you a reminder unless it would be for past unfiled taxes, previous years, which does not seem to apply to you some of the items you mention are not taxable, the loan is not, some grants are not(you would have a 1099 to report the amount), some financial aid is not, but you would have had statements that you would have used to file any return and yes, you probably could use a 1040EZ

Posted by: arch0049 on 2010-06-11, 03:49:33

Talk to your parents. For all intensive purposes, THEY SHOULD BE CLAIMING YOU. T