On my 1098T in box 2 "Amounts billed for qualified tuition and related expenses" is $4621.32 and in box 5 " Sholarships or grants" is 11,156.
Do I have to pay tax on these and how much?
I do not work at all. My parent claimed me as dependent. I know that I get 5700 standard deduction.
So, 11,156 - 4621.32 = 6534.68 - 5700(standard deduction) = $834
That leaves me with $834. Do I need to file on $834. I use about $900 on books for the whole year. so does that mean I have 0 taxable income. since books is a qualified expense
Do I have to pay tax on these and how much?
I do not work at all. My parent claimed me as dependent. I know that I get 5700 standard deduction.
So, 11,156 - 4621.32 = 6534.68 - 5700(standard deduction) = $834
That leaves me with $834. Do I need to file on $834. I use about $900 on books for the whole year. so does that mean I have 0 taxable income. since books is a qualified expense