IRS Summer Jobs
November 6th, 2007
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Question: Taxes Question?
Monday, I’m going to head to H&R Block to have them do my taxes. I’m a dependent college student who made about 3,038 from working a summer job last year. About 200 of it was withheld for Federal Taxes. The only other form I have is a 1098-T From my university. A total of 4,480 was billed for “qualified expenses” and I received 11,862 in scholarships and grants. That amount includes amounts billed for qualified tuition and related expenses reported for the tax year relate to an academic period that begins in the 1st quarter (through March 31) of the next tax year. Am I going to end up owing the IRS money?
Answer: Yes, not because of the grants but your scholarships. As to how much you owe back is iffy based on how much of that was scholarships. Understand that it is better for you to print out your account summary for the quarters implied because 1098-T’s are not TRUE numbers.
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