Hello,
I was a university student for the past two years; and I have received about $8000 total financial aid. I have spent the entire amount on qualified eduction expense, such as tuition, book, supplies, etc.
Never report my financial aid on my 1040, since it is considered tax free.
Do I have to have all the receipts or proofs indicating things like what supplies or books I bought for courses? I do have some of my receipts, but I am sure that the total amount of receipts on hand is less than the total distributed amount.
But it seems like IRS wants me to keep all the records (ie,receipts, etc) as proof for qualified education expenses? But for how long??
Do I have to keep all the receipts for the rest of my life just in case if IRS wants to audit my past tax returns?
Thanks!!
I was a university student for the past two years; and I have received about $8000 total financial aid. I have spent the entire amount on qualified eduction expense, such as tuition, book, supplies, etc.
Never report my financial aid on my 1040, since it is considered tax free.
Do I have to have all the receipts or proofs indicating things like what supplies or books I bought for courses? I do have some of my receipts, but I am sure that the total amount of receipts on hand is less than the total distributed amount.
But it seems like IRS wants me to keep all the records (ie,receipts, etc) as proof for qualified education expenses? But for how long??
Do I have to keep all the receipts for the rest of my life just in case if IRS wants to audit my past tax returns?
Thanks!!