I am an independent college student, and I will be living on campus starting next semester. I am aware that only tuition and required fees are considered as qualified education expenses and that the rest of the amount going toward room and board, textbooks, and refunds are taxable.
According to my calculations, the amount of scholarships going toward room and board and refund in 2015 is going to exceed the filing threshold of $10,150, perhaps around $15,000. This would mean that I have to file a federal tax return. However, I heard of some things called "standard deduction" and "personal exemption." I have never filed taxes before, so I have no clue as to what effects they have on me.
My question is, will standard deduction and personal exemption bring down my number, to the point that I will not be required to file a federal tax return? If some things are unclear, or if my assumption is incorrect, please let me know. Thank you.