I need tax help!!!!!

AStormyOne

Really Really Experienced
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Dec 16, 2001
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I know SOMEONE out there can help me!!! I recieved my forms from school today. There are no monetary amounts on it. I can't figure out what I am supposed to add to my tax papers (such as scholarships, grants, and loans). This is the only thing stopping me from completing my tax forms. Anyone have a clue where to start with this???

Storm
 
What kind of forms are they? It should say in the top corner. Are they 1099's or something else?
 
If in doubt take it to H&R Block. Dish out the $100 bucks and leave the taxes in their greedy little hands. :rolleyes:
 
Grants and loans are not taxable income. Scholarships I'm not sure about.......I'm a cost accountant, and my tax prep skills are WAY rusty! :eek:

It would help to know what kind of forms they are......1099, etc.
 
AStormyOne said:
I know SOMEONE out there can help me!!! I recieved my forms from school today. There are no monetary amounts on it. I can't figure out what I am supposed to add to my tax papers (such as scholarships, grants, and loans). This is the only thing stopping me from completing my tax forms. Anyone have a clue where to start with this???

Storm

The only mention of educational benefits on the form 1040a is line 13 "Unemployment Compensation, qualified state tuition program earnings, and Alaska Permanent Fund dividends" which say you should have a form 1009-G stating thetaxable amount.

If a 1099-G is similar to my 1099-R, then whatever amount is in box 2a is what goes on line 13. If there is nothing in that box, then there is nothing that needs to go on a form 1040a. Form 1040 might be different, however, if the box that says "taxable income" on the form is blank, then enter '0' on whatever line asks for scholarship disbursements.

(There is also a line for "Student loan interest deduction" at line 17 on the 1040a -- that would be the box labeled "deductible interest" on the form. If it's empty, then enter zero.)
 
Here is what the form says.....

In the top right hand corner is a box that says Form 1098-T. It says it is a tuition Payment Statement.

I have a box for

1. Qualified tuition and related expenses
2. Reimbursments or refunds
3. Scholarships or grants

ALL of these boxes are empty. Then it told me to go to a site on the net that said this:

"The Taxpayer Relief Act of 1997 provides several tax benefits to help students and their families meet the cost of post-secondary education. Two of these benefits, the Hope Scholarship Credit and the Lifetime Learning Credit, require Arkansas State University Beebe & Newport to provide information concerning your enrollment to the Internal Revenue Service and to you. This information page is here to make you aware of these credits and to let you know how we will comply with their reporting requirements.

The act requires colleges and universities to provide four items of information to the IRS for all students enrolled during the calendar year. These items are your name, social security number, an indication of whether you were enrolled at least half time and whether you enrolled in a program leading to a graduate level degree.

In addition to the required information, this page provides information to you about the tuition, fees and other expenses that you were charged, financial aid you received and payments you made during 2001. This information is being provided to you as a service to assist you and your tax advisor. The IRS does not require this information and we are not reporting it to them.

Information about the credits can be obtained from the IRS or on the Internet at http://www.tiaa-cref.org/taxfile.pdf. IRS Publication 970 can be obtained from the IRS or on the Internet at http://www.irs.ustreas.gov/prod/forms_pubs/pubs/index.htm.


Then I have a place where I can enter my student id # and find out what everything cost me and has part of my scholarship, and part of my student loan. It doesnt even mention my grant.

Does this mean I don't have to claim anything??? Do I need to mention it anywhere? THanks everyone!

Storm
 
Re: Here is what the form says.....

AStormyOne said:
Then I have a place where I can enter my student id # and find out what everything cost me and has part of my scholarship, and part of my student loan. It doesnt even mention my grant.

Does this mean I don't have to claim anything??? Do I need to mention it anywhere? THanks everyone!

Storm

Does the site give any information on the interest you paid on your student loan? From the instructions to my 1040a, that seems to be the only relevant information you might need -- as a gross income adjustment on line 17. (subtracted from your gross income to reduce the tax paid.)

It does NOT sound like you need to report any income from tuition or your grant -- there's no place to put it on the form 1040a. Especially since the 1098-T doesn't have any information to transcribe to the form either.

Check www.irs.gov and request they e-mail you a (hopefully) definitive answer. Or, there is always the option of paying a tax specialist to prepare and file your form for you. Around here, there are places who will check your form and e-file for $20.
 
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