Is it counted as income? Do you have to file taxes on student loan funds?
2006-12-28 18:32:06 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
According to the IRS, "A school loan is not taxable at the time you get the money and should not be included as income on your return." However, the interest is a write off. You can deduct up to $2,500 in student-loan interest if your adjusted gross income is less than $50,000 (single filers) or $100,000 (married filing jointly). Now, if you receive a scholarship or fellowship, all or part of it may be taxable.
2006-12-30 17:25:53 · answer #1 · answered by Nuttie Nettie 4 · 0⤊ 0⤋
Student loan money is not income. You do not have to file taxes if your only source of money is student loans. When you start to pay back student loans, some of the interest may be deductible.
2006-12-28 19:55:49 · answer #2 · answered by ninasgramma 7 · 3⤊ 0⤋
How come you changed your name? And whatever happened with the rude girlfriend? Or was all that drama around Thanksgiving just... well... drama?
2006-12-28 19:27:16 · answer #3 · answered by jane7 4 · 0⤊ 1⤋