Paul claimed a $50,000 deduction in 2015 for carrying charges. Because this deduction is more than $40,000, Paul may have to pay minimum tax. To find out, he should complete Form T691, Alternative Minimum Tax.
National SMART Grant. The National Science and Mathematics Access to Retain Talent (SMART) Grant is available to undergraduate juniors and seniors who already qualify for the Pell Grant. However, itâs estimated that only 40% of those that qualify for the Pell Grant will also qualify for the National SMART Grant. The reason for the disparity is simple; the educational prerequisites for the SMART grant are stringent.
The Pell Grant is a need-based federal grant for low-income students who require financial support to pay for college. Pell Grants are awarded to undergraduate students who have not received their first bachelorâs degree and to some students who are enrolled in qualifying post-baccalaureate programs. To receive the Pell Grant, you must demonstrate significant financial need, and the funds you receive do not have to be repaid.