Question : How do you figure student loan money on tax forms?
Is it counted as income? Do you have to file taxes on student loan funds?
- asked by I color outside the lines
All Answers:
Answer #1
How come you changed your name? And whateverhappened with the rude girlfriend? Or was all thatdrama around Thanksgiving just... well... drama?
- answered by jane7
Answer #2
Student loan money is not income. You do not haveto file taxes if your only source of money isstudent loans. When you start to pay back studentloans, some of the interest may be deductible.
- answered by ninasgramma
Answer #3
According to the IRS, "A school loan is nottaxable at the time you get the money and shouldnot be included as income on your return."However, the interest is a write off. You candeduct up to $2,500 in student-loan interest ifyour adjusted gross income is less than $50,000(single filers) or $100,000 (married filingjointly). Now, if you receive a scholarship orfellowship, all or part of it may be taxable.
- answered by Nuttie Nettie
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