I received a 1098-T form in my school email the other day. I'm a dependent that still lives with my parents. I'm an unemployed full-time student that uses scholarships to pay for school and uses the excess financial aid I receive as income. I've never done taxes before and no one's ever really explained it, so I'm confused on a few things:
How do I know if I made enough "income" to have to pay taxes on it? If I'm reading this form right, it looks like I've gotten a little less than $7k in excess? I haven't gotten any other tax forms from my bank or wherever else.
Do I need to pay this, or will it go to my parents?
I've heard there's a tax credit called AOTC. What is that? Would this apply here?
I can share what specific amounts are in the boxes, if that info is needed. In general I'm just not sure what to do with this form and the info on the IRS's website isn't helping much.
original posted by doctorlovebug to r/personalfinance on Sat, 02 Mar 2024 13:41:56 GMT.