Hello, I am a full time student and did not work in 2023. The only form I received is 1098T. Do I have to file taxes?

Forum|Forum|1 year ago
April 12, 2024
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KrisD15

If you are a dependent, the person that claims you can use the 1098-T for an education credit if Box 1 is more than Box 5.

If Box 5 (scholarships) is more than box 1 (tuition) you might need to file and claim the difference as taxable income.

If you are not a dependent, you also might need to report Form 1098-T for a credit or to report taxable income.

Can you tell us if you are or are not a dependent?

What is reported in Box 1 and Box 5 on the 1098-T?

Are you an undergrad student?

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MusicSky

how do you claim the difference on the tax return within turbo tax? Is there a specific form that needs to be added to the income area?

KrisD15

Please clarify what you mean by "how do you claim the difference on the tax return within turbo tax?"

Are you saying that you need to claim scholarship income?

Are you claimed as a dependent by another taxpayer?

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maglib

Employee

@bhr615 Do you have any unearned income like dividends and interest, capital gains?
Are you claimed as a dependent by your parents? Do they benefit from claiming any of the education tax credits like American Opportunity Tax Credit? Your parents can claim the 1098-T which depending on income levels they may qualify.
Do you have any scholarships that exceed your tuition, room & Board reported on the 1098-T?
If you have any income such as the above as a dependent over $1,050 you would still need to file.

There are ways where your parents if they qualify can claim the education expenses, while you report the income. A bit more advanced and depends on your and your parents circumstances.

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bhr615Author

@maglib Thank you for your reply! I am not a dependent on my parents taxes or have any unearned income currently. I also did not receive a scholarship that exceeds my tuition.

DawnC

Employee

Based on what you said, you do not have to file a return unless one of these uncommon situations apply:

You also must file a federal return if:

You had $400 or more in self-employment net earnings (gross income minus expenses)
You had marketplace health insurance and you received advance payments for the premium tax credit
You (or your spouse if filing jointly) received health savings account, Archer MSA, or Medicare Advantage MSA distribution
You had wages of $108.28 or more from a church or qualified church-controlled organization that is exempt from employer social security and Medicare taxes
You owe any special taxes, including any of the following:
- Alternative minimum tax
- Additional tax on a qualified plan, including an individual retirement arrangement (IRA), or other tax-favored account
- Household employment taxes
- Social security and Medicare tax on tips you didn't report to your employer or on wages you received from an employer who didn't withhold these taxes
- Uncollected social security and Medicare or RRTA tax on tips you reported to your employer or on group-term life insurance and additional taxes on health savings accounts
- Recapture taxes