Aside from the money that I made at my job in 2007, do I factor in all of my student loans,grants,and scholarships? Are those taxable income?
I have my 1098T form. Im just sooo confused. HELP!
5 Comments Already
April 21st, 2010 @8:39 am
Student loans NO
as far as the others, I don’t know
April 21st, 2010 @9:06 am
No. Loans are never taxable income since they have to be repaid. Grants and scholarships are tax-exempt awards.
April 21st, 2010 @9:35 am
ONLY if you receive taxable scholarships, Grants, etc.
Most are NOT taxable. LOANS are NOT income and are not taxable income. Repayment of interest on student loans is deductible. Look at the paperwork.
the 1098T is a report of tuition paid and not for reporting income received
April 21st, 2010 @10:26 am
No. Loans aren’t income since you have to pay them back – you don’t show them at all. Grants and scholarships are only income if they are spent on something other than eligible expenses – tuition and fees are eligible, room and board are not.
Seriously, go to H&R block right now