I am 62 and started back to college a the University of Arkansas this semester. It is being paid for through a VA program called Chapter 31. They pay for everything. They even bought me a MacBook Pro 16" laptop beccause it is required for my Graphic Design program. I do receive VA disability each month and my Social Security retirement is scheduled to start next month (October). Neither are considered taxable income and I don't work. They told me to apply for a Pell Grant and I qualified for the full amount. Also, because I am 100 Permanent & Total disabled per the VA, once I am done with school... any student loans I receive can discharged. The financial officer said I should apply for student loans in that case. So, I did and I qualified for the full amount there as well. Now you have me wondering if any of this is going to create a tax burden of any kind. I am sharing this info to see if you have any other suggestions. Such as, should I attempt to get any scholarships or would you suggest that I just leave it alone? (Sorry this so long.)
Congratulations on your "paid to go to college" education. I am proud to say my daughter is in the same boat as she is a recipient of the top scholarship at her university. It covers all her expenses including travel, transportation, room and board, as well as up to $10,000 allowance for travel abroad. Which all sounds great until I received the 1098-T with a $22,000 difference between Box 1 $64,399 and Box 5 $84,853. My question, if I claim her as a dependent, enter her 1098-T on my return does she also enter the 1098-T information on her return?
No. The student should be the only one reporting the scholarship income even if you claim her as a dependent. However, books and computer can be deducted and can help reduce the amount of taxes owed. Please make sure that your daughter's return indicates that someone will be claiming her as a dependent.
Our content is for students living in the US attending college in the US. There are many scholarships available for international students, but we don't focus on those scholarships.
I am 62 and started back to college a the University of Arkansas this semester. It is being paid for through a VA program called Chapter 31. They pay for everything. They even bought me a MacBook Pro 16" laptop beccause it is required for my Graphic Design program. I do receive VA disability each month and my Social Security retirement is scheduled to start next month (October). Neither are considered taxable income and I don't work. They told me to apply for a Pell Grant and I qualified for the full amount. Also, because I am 100 Permanent & Total disabled per the VA, once I am done with school... any student loans I receive can discharged. The financial officer said I should apply for student loans in that case. So, I did and I qualified for the full amount there as well. Now you have me wondering if any of this is going to create a tax burden of any kind. I am sharing this info to see if you have any other suggestions. Such as, should I attempt to get any scholarships or would you suggest that I just leave it alone? (Sorry this so long.)
Congratulations on your "paid to go to college" education. I am proud to say my daughter is in the same boat as she is a recipient of the top scholarship at her university. It covers all her expenses including travel, transportation, room and board, as well as up to $10,000 allowance for travel abroad. Which all sounds great until I received the 1098-T with a $22,000 difference between Box 1 $64,399 and Box 5 $84,853. My question, if I claim her as a dependent, enter her 1098-T on my return does she also enter the 1098-T information on her return?
No. The student should be the only one reporting the scholarship income even if you claim her as a dependent. However, books and computer can be deducted and can help reduce the amount of taxes owed. Please make sure that your daughter's return indicates that someone will be claiming her as a dependent.
Ty for touching on this ❤
You are welcome! We hope you found it helpful!
what about international students? can we get scholarships from he US?
Our content is for students living in the US attending college in the US. There are many scholarships available for international students, but we don't focus on those scholarships.
Thank you for this information. Gonna binge some videos after homework!
Have fun!