What happens when qualified tuition and related exspenses are higher dollar amount than grants receieved 1098T?
August 22, 2010 by Guest Author
Filed under About Grants
Can you answer Margaret’s question?:
When file taxes what happens when I have higher dollar amount of qualified tuition and related exspenses than scholarships and grants recieved. For example; amount billed for qualified tuition and related exspenses 9180.00, and scholarships and grants receieved was 5040.00??
Give your answer to this member’s question below.
If the amount of the grants/scholarships that you received in 2009 is larger than the amount that you paid for tuition, fees and books/supplies, then you have to report this amount as extra income on your 2009 Federal Tax Return. In the example that you provided, you do not have any extra to report.
It means that you paid $4140 with loans or out-of-pocket… this can qualify you for the education credits if you cannot be claimed as a dependent. If you are still claimed by someone (assuming your parents), then give them your 1098T because they can claim the credits.