0
Student loans are not reported as income on the tax return. The interest you pay on a student loan is deductible as long as you meet certain criteria such as Income limitations, use of the funds, status when loan was incurred. If funds were used for education expensed they are eligible for the education credits if you met all the conditions.
For complete rules see IRS website irs.gov
Add your answer:
Earn +20 pts
Do federal student loans count as income for tax purposes?
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Do student grants have to be reported on income taxes?
ususally that would be no as financial aid is not considered taxable income
Can you take out student loans if your parents have unfiled income taxes?
You can but as soon as your parents file their taxes you will have to amend your FAFSA application and it may alter the amount for which you are eligible in student financial aid.
Is it possible for a student to get a mortgage with a partner that is already employed full time?
Yes, as long as there is enough income to support the payment. If you as a student do not have any income, the other person will have to prove the income to support the new mortgage payment, any loans (car,/student loans), credit cards in both names and the taxes & hazard insurance.
Do you file for taxes if you are a full-time student dependent on student loans?
Yes it is possible that as a full time student you would be required to file a 1040 federal income tax return
Does a student loan refund have to be claimed as income on taxes?
Loans are never taxable...I'm not sure what you mean by a loan refund though!
Can you get student loans with back taxes?
yes
Can taxes be taken for student loans?
Federally guaranteed or insured loans, yes.
Can you get financial aid after your taxes were offset for student loans?
no
What kind of taxes are charged on the principal of student loans?
AnswerThere are no taxes on the principal of any loan, student or otherwise.In fact, there are no taxes on the payor of interest on a loan, student or otherwise. (The receipient of interest has taxable income of the amount earned).The interest paid on a loan secured by ones residence, are generally, deductible (the opposite of paying taxes)..
Do you pay taxes on financial aid?
No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.
Your student loans are in default your attorney says if you file bankruptcy you will still receive your federal income taxes is this true?
While in general you should always follow your attorney's advice, you may wish a second opinion from another attorney this time. A bankruptcy does not get you out of student loans. If you were going to lose your income tax refund to the student loan people, then even after bankruptcy you still will.
