Let's say someone is going to College full time and drawing the maximum amount per month, or anything from the G.I. Bill for that matter...is that considered income for tax purposes?
2007-03-21 11:04:18 · 4 answers · asked by Middy S 2 in Business & Finance ➔ Taxes ➔ United States
No, that is NOT taxable income!
2007-03-21 11:30:58 · answer #1 · answered by Bostonian In MO 7 · 3⤊ 1⤋
Don't take me as a tax expert, but I did exactly what you are describing and was told by my VA liaison at school that the benefits are NOT taxable. I never reported them as income and was never challenged by the IRS or anyone else on the matter. In fact, at one point I was overpaid and in the process of settling that, the VA ordered the IRS to take part of my tax refund to pay them back, so I know the IRS was aware I had received the money.
In other news, don't piss off the VA, they are a bunch of vindictive, inefficient bastards.
2007-03-21 18:12:30 · answer #2 · answered by Brainy Smurf 2 · 1⤊ 0⤋
Yes, other than the actual proveable college costs.
2007-03-29 17:59:51 · answer #3 · answered by H. A 4 · 0⤊ 0⤋
yes
2007-03-21 18:06:46 · answer #4 · answered by monkeyfingerslap 2 · 0⤊ 2⤋