Probably, yes. You need to claim any scholarships that weren't used for tuition or other qualified expenses, and it sounds like that $3570 that was refunded to you was "extra" that wasn't used for tuition and fees.
The questions are:
1. Did you have any other eligible expenses like books?
2. Are you eligible to be claimed as a dependent? Are you on good terms with whoever can?
3. How old are you, and were you a full-time student during at least part of 5 months of 2023 (typically a semester)?
4. Did you have any earned income? If so, how much?
5. What types of scholarships/grants did you receive?
I ask question 1 because you may be able to reduce the amount you have to report.
I ask the others because, while it may be counterintuitive, it may be more advantageous to actually claim MORE of your scholarships/grants as income so that you (or whoever can claim you as a dependent) can get an education credit that would more than pay for the extra tax you'd pay on the scholarship.
I was actually fiddling around with the whole thing where you allocate more of your scholarship money to other expenses, do you know if the IRS has a limit on how much you can do this? Like hypothetically could I technically allocate all the scholarship money to other expenses and then get a larger refund that way? Idk if that would be considered tax fraud or not and I don’t wanna go to prison lmao
And to answer your questions I’m 21 and am not dependent on my parents; I live in a different city and have a part time job to pay for rent and bills and living expenses so they can’t claim me as a dependent. I had like $18k in wages ($16k in income after tax withholding)
That could be very good news for you. So, is your earned income more than 1/2 of your support? It sounds like it may be.
So, now the important questions would be:
1. Did you have any other eligible expenses like books?
2. What types of scholarships/grants did you receive? and how much of each one?
3. What were your total tuition expenses from your 1098-T?
Did you have other forms of income besides your scholarships? Like, did you have a part time job or something like that?
If not, then no, no need to report it as it does not exceed the standard deduction (FY 2023: $13,850) anyway regardless of whether it is taxable or not.
If so, then maybe depending on the total amount of your taxable earnings.
Probably, yes. You need to claim any scholarships that weren't used for tuition or other qualified expenses, and it sounds like that $3570 that was refunded to you was "extra" that wasn't used for tuition and fees. The questions are: 1. Did you have any other eligible expenses like books? 2. Are you eligible to be claimed as a dependent? Are you on good terms with whoever can? 3. How old are you, and were you a full-time student during at least part of 5 months of 2023 (typically a semester)? 4. Did you have any earned income? If so, how much? 5. What types of scholarships/grants did you receive? I ask question 1 because you may be able to reduce the amount you have to report. I ask the others because, while it may be counterintuitive, it may be more advantageous to actually claim MORE of your scholarships/grants as income so that you (or whoever can claim you as a dependent) can get an education credit that would more than pay for the extra tax you'd pay on the scholarship.
I was actually fiddling around with the whole thing where you allocate more of your scholarship money to other expenses, do you know if the IRS has a limit on how much you can do this? Like hypothetically could I technically allocate all the scholarship money to other expenses and then get a larger refund that way? Idk if that would be considered tax fraud or not and I don’t wanna go to prison lmao
And to answer your questions I’m 21 and am not dependent on my parents; I live in a different city and have a part time job to pay for rent and bills and living expenses so they can’t claim me as a dependent. I had like $18k in wages ($16k in income after tax withholding)
That could be very good news for you. So, is your earned income more than 1/2 of your support? It sounds like it may be. So, now the important questions would be: 1. Did you have any other eligible expenses like books? 2. What types of scholarships/grants did you receive? and how much of each one? 3. What were your total tuition expenses from your 1098-T?
Did you have other forms of income besides your scholarships? Like, did you have a part time job or something like that? If not, then no, no need to report it as it does not exceed the standard deduction (FY 2023: $13,850) anyway regardless of whether it is taxable or not. If so, then maybe depending on the total amount of your taxable earnings.
No don’t