If my only income all year was from Financial Aide do I need to file taxes this year?
2007-01-19 12:23:01 · 4 answers · asked by TM 1 in Business & Finance ➔ Taxes ➔ United States
My only income all year is from Financial Aide Loans. The total is 12,000 a year. Since they are loans they don't really count as income, do I need to file?
2007-01-19 12:34:58 · update #1
A student loan is not taxable at the time you get the money and should not be included as income on your return. A loan is not income because you are expected to repay the amount borrowed (plus interest). If, at a later date, any part of the loan is forgiven, the amount forgiven would be income in that year. Therefore, if the only income you received this year was from financial aid, then you do not have to file taxes. Hope this helps.
2007-01-19 12:45:25 · answer #1 · answered by Anonymous · 0⤊ 1⤋
Type of financial aid? And, what's you gross income? If only from aid then likely no.
For 2006 tax returns, individuals younger than age 65 must file if they make at least:
$8,450 as single filers.
$10,850 as head of household filers.
$16,900 as married couples filing jointly and both husband and wife are younger than 65.
2007-01-19 12:32:14 · answer #2 · answered by Baked n Blended 5 · 0⤊ 0⤋
Probably not, but it depends on the type of financial aid.
2007-01-19 12:28:37 · answer #3 · answered by Judy 7 · 0⤊ 0⤋
Student loan are not taxable, as long as you are using all of the money for school. If you use any for non school related items, that portion would be taxable.
2007-01-19 14:39:59 · answer #4 · answered by Fool in the Rain 6 · 0⤊ 0⤋