i got a 1098-t from my university showing how much financial aid i got overall since starting which is about 20k. however, only about 7k went to my tuition and the rest of the 13k back to me. would i need to file this as taxable income even if i used every fafsa refund from every semester to help me pay rent for off campus housing? thank you!!
do i need to file my 1098-t from my school?
byu/souItorch intax
Posted by souItorch
2 Comments
You are not required to file a 1098-t. Technically the income is taxable, as housing is a non qualified education expense. This income is not reported to the IRS however so many people don’t report it, and if you had no other income then this is below standard deduction so you would have no taxable income anyways.
Yes, this would be taxable scholarship income. You can offset it by any other qualified educational expenses such as textbook purchases.
If this is your only taxable income, it remains below the standard deduction and doesn’t trigger a filing requirement. If you have more than ~2.6k of other income then you would have a filing requirement.