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1098-t tax return?
I am trying to do an amended tax return because I hadn t since going to college. For 2013, my scholarships or grants was $5,679 and amount billed $4,619.50. For 2014, scholarships $10,750 and billed $9,397. I talked to a tax man for five minutes because he was, and said that since the scholarships exceeded the billed I wouldn t get any money. Is this true?
2 Answers
- ninasgrammaLv 75 years ago
Not necessarily. Go to a tax person that knows how to figure education credits based on all of your qualified expenses. If you received tax-free grants such as Pell grants, it may be possible to convert some of this money to taxable income and then use that money for education benefits. Find a preparer that knows how to do this, not all of them do.
- JudyLv 75 years ago
True. Not only that, but you'll owe tax on the excess unless you can show it was spent on required textbooks and supplies.
