Preface: I feel very grateful for the opportunity that I have been given by my school.
I am filling out my taxes, on my 1098-T form, box 5 is in excess of multiple 10s of thousands to box 1. I am a low-middle-class income student who does not receive any financial support from parents for schooling (not estranged, they just need to save money for retirement). The excess money helps pay for my food, housing, transportation, and excess tuition, books, and fees and a small budget for trivial things. I have made a few thousand through a W2 as well.
My current estimated Federal tax due is quite a bit of money which I don't really have saved up because I live off of the scholarships and side job W2. I would have to dig into my savings to pay off taxes, is there any credit that I can get or anything that I can do to offset this cost or am I kind of stuck paying it?
I do not remember paying any money on taxes and was in roughly the last situation. I had a CPA file it but I am not sure if the 1098T was used?
Is there anything that I can do?
I hope that none of this comes off as a flex or anything, just a college student who is working hard and struggling to do taxes/ face the real world for the first time.
Any serious help is appreciated.
1098-T Scholarship and Grants exceeds Cost of Tuition
byu/DataHistorical4150 intax
Posted by DataHistorical4150
1 Comment
You can set up an installment plan to pay the taxes at http://www.irs.gov