I forgot to report private scholarship income should I file 1040x?
Problem by involved Mike: I forgot to report private scholarship cash flow should I file 1040x?
I am a grad pupil. Previous yr I filed my taxes at the last moment and used turbo tax on the web totally free provider. I had a straightforward W-2 and zipped by way of the turbo tax technique rapidly. This 12 months I submitted by hand and study every thing a lot a lot more cautiously and I realized that I ought to have documented some scholarship revenue for Fall semester of very last yr. I want to right my mistake. Really should I just fill out 1040x and the approriate state form? how shoud I phrase my rationalization?
Greatest solution:
Solution by bostonianinmo
What did you use the scholarship cash for? If you used it for college expenses then it does not go on your return. If you employed it for something else then you will need to file an amended return using Sort 1040-X.
What do you feel? Reply below!
November 3rd, 2011 at 12:19 pm
If you are a degree candidate and if the financial aid (includes scholarship and fellowship) is for tuition fee, other fees, books, supplies and equipment, then it is not taxable. For a degree candidate aid for boarding and travel are taxable.
If you are not a degree candidate, then all the financial aid is taxable Read scholarship and fellowship grants, http://taxipay.blogspot.com/2008/08/us-income-tax-topics-1.html
If you were required to report any scholarship income, then you must file amended tax return Form 1040X.