| taxes and tuition. Please help |
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jdog12
First Time Poster
Cash: $ 0.25
Posts: 1
Joined: 25 Jan 2005
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| taxes and tuition. Please help |
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here is my issue. this year i recieved 850 dollars from KEES money(a scholarship thing bases on your high school grades) a Pell grant and another type of grant, cant really recall the name. i do not know if they are taxable or not, or how to report them. I was doing my taxes on Intuit's website, since they offer me a free federal and state e file, and was very confused. my tutition was 2500 dollars, and my tuition assistance was about 3100 dollars, the extra money, they sent me in a residual check. about 300-400 of this i spent on books. now how do i file this? or do i even have to? i dont understand im so lost.. any help would be appreciated, my taxes are done all i have to do is file them, but i dont want to file them until i have this worked out.
question two, last year i made alot less money and got back most of what i paid in taxes.. cant recall exact numbers here but the percentage was larger. anyways my taxes are easy, i live with my parents, i go to college, im 18 years old. anyays i made 7143 dollars. 448 of that was federal income tax witheld. 157 was state income tax withheld. on the website it is saying i will get back 220 for my federal and 93 for my state, do these numbers sound right? i do not qualify for any of the things like blindness, low income, unemployment, etc. i am just wondering if they sound right to you.
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Tue Jan 25, 2005 9:08 pm |
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BlankenshipFP
Money Talk Advisor
Cash: $ 79.56
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Joined: 05 Oct 2004
Location: Illinois
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On your first question - I believe you can claim your tuition, books, and fees against the grants, assuming that the grants are not considered taxable. Any amount above those figures can be credited against Hope or Lifetime Learning credits.
You may want to run this by a CPA for a more definitive answer. It will be worth the money to ease your concern over this.
For the second question, it all depends on how much money was withheld from your pay. There's no "right sounding" amount of refund. If you had more money withheld, you may get more money back. If you're not sure it's coming out right, run this past your CPA friend that you met on your first question - 
Take care -
Jim Blankenship, CFP®, EA
Blankenship Financial Planning, Ltd.
www.BlankenshipFinancial.com
Standard IRS Circular 230 Notice Applies
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Wed Jan 26, 2005 1:04 pm |
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