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N
ninks5
April 13, 2021
Question

The scholarship I received was higher than the tuition paid. Some of the Scholarship was for the 2021 Tax Year (Spring Semester) so I will deduct that.

  • April 13, 2021
  • 1 reply
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Question: My child's scholarship exceeded the tuition.  Some of the Scholarship with for the 2021 Tax Year (Spring Tuition), so I deducted that.   

If I use some of the scholarship to go against Room and Board expense for the Fall 2020 Semester, does that create a Tax Burden for my child?  What is the max income you can make without filing a Tax Return?

They are a student and make no income other than interest savings account and any scholarship that is deemed "Taxable" for using it for Room and Board Expenses.

Please help...

1 reply

M
MinhT1
April 13, 2021

Your dependent son is required to file a tax return if any of the following applies:

  1. His unearned income was more than $1,100.
  2. His earned income was more than $12,400.
  3. His gross income was more than the larger of a. $1,100, or b. Your earned income (up to $12,050) plus $350.
  4. He had net earnings from self-employment of at least $400.

The excess scholarship counts as earned income.

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N
ninks5Author
April 13, 2021

So if the amount of scholarship ("Earned Income") was less than the $12K Threshold, he would not need to file a Tax Return.  Correct?

DMarkM1
DMarkM1
April 13, 2021

Yes, you are correct.  He does not need to file assuming he doesn't meet any of the other criteria listed by MinhT above. 

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