2006-12-12 07:56:18 · 3 answers · asked by Pretty me 1 in Business & Finance ➔ Taxes ➔ United States
No, that is non taxable.
2006-12-12 08:08:17 · answer #1 · answered by Dana B 2 · 0⤊ 0⤋
If you are talking about federal financial aid, that is not taxable, either the grant or loan part. Private scholarships need to be for tuition, books or accommodation. Anything else is taxable.
If you have loans and you are not a dependent of anyone else, you can take a tax deduction or credit for expenses paid (including loans taken out). To make it easy, you will get a 1098T from the school in January or early February.
If you are a dependent of someone else, they can claim the deduction.
2006-12-12 16:09:00 · answer #2 · answered by skip 6 · 2⤊ 0⤋
Yes, absolutely.
You should be getting the paperwork for that in the mail, most likely sometime in January.
2006-12-12 16:04:16 · answer #3 · answered by rockergirl20032003 4 · 0⤊ 1⤋