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    DanPatrick10's Avatar
    DanPatrick10 Posts: 132, Reputation: 5
    Junior Member
     
    #1

    Apr 5, 2022, 04:25 PM
    Do I Need to File an Amended Tax Return?
    I already filed my taxes for 2021 with Turbo Tax and received my return. Then I noticed I received a 1098-T from my college in my email. It says over $4,000 was received for tuition and related expenses and over $5,000 in scholarships. However, I'm on the Veteran's Readiness and Employment program from the Dept. of Veteran's Affairs, so as a Vet under that program I was almost sure any grants or scholarships would be tax free under that program. I'm not claiming education credits either, so are the scholarships taxable and do I need to file a 1040-X? Would prefer answers from tax experts.

    I talked to someone at my school's Financial Aid Office and the office of Military Benefits and they weren't sure. So, I called Turbo Tax and got some young girl on the phone. She said I didn't need to file an amendment, but she didn't sound to sure. In fact, everyone I get on the phone there sounds very young and inexperienced.

    I apologize for the double post. There was a glitch on my end.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,834, Reputation: 846
    Senior Tax Expert
     
    #2

    Apr 5, 2022, 04:41 PM
    DanPatrick,

    If the scholarship listed on the Form 1098-T are veteran or G.I. Bill benefits, then they are tax free and thus NO amendment is required.

    However, for virtually any other scholarship whose benefits exceed the tuition, the excess IS considered to be taxable income.

    Now, if you had OTHER income which caused you to exceed the $12,550 standard deduction, then an amendment IS in order.

    If the scholarship and the other income combined was LESS than $14,550, then do not bother.

    ATE
    DanPatrick10's Avatar
    DanPatrick10 Posts: 132, Reputation: 5
    Junior Member
     
    #3

    May 7, 2022, 12:05 PM
    Just wanted to say thank you for your reply. I was having login issues and couldn't do that until now.
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,834, Reputation: 846
    Senior Tax Expert
     
    #4

    May 7, 2022, 01:39 PM
    Glad to help!

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