I'm trying to file my taxes as a college student, and i'm not sure if i can put down the amount of money i received from a Stafford Loan as a deduction. My mother has claimed me as an exemption, but didn't claim any education credit or student loan. As a student, can i claim education credits or add the amount of the loan for a deduction?
2007-03-24 12:35:16 · 6 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
If your mother claimed you as a dependent, you cannot claim the education credits.
2007-03-24 12:43:15 · answer #1 · answered by Anonymous · 1⤊ 0⤋
You may be eligible for a education credit either under adjustments or on line 50. Most the time it is better to take it after taxes. Also, you can deduct student interest on any loans you are paying back. There are worksheets for all of these. One of the education credits is on the same worksheet as the student interest deduction. I suggest you take all of your papers you got back from the school and go to a tax preparer. Any 1098E. Any thing you got from a Pell grant or a scholarship is not deductable only what you contributed to. Even if you paid it with student loans. You cannot however, take the credits if you are a dependent on someone elses return. They can take it. If your mother did not take the deductions she should do an amended return to take advantage of it.
2007-03-24 17:22:00 · answer #2 · answered by Gale 2 · 0⤊ 0⤋
If your mother has claimed you as a dependent then you cannot claim education credits, only she can. And also, you wouldn't be claiming monies received from a loan as a deduction. The only deductions would be the college tuition and fees, and also interest when you start paying on any student loans.
2007-03-24 13:03:59 · answer #3 · answered by Anonymous · 0⤊ 2⤋
The loan isn't a deduction, but amounts paid for tuition and fees are eligible for a credit, whether they're paid in cash or with a loan. Since you are a dependent of your mom though, she gets the credit, you don't. If she didn't claim the credit, she can file an amended return and claim it.
2007-03-24 12:59:18 · answer #4 · answered by Judy 7 · 2⤊ 1⤋
Interest you pay on student loans, and tuition that was not already, reimbursed to you by a grant. Usually, the college will send you a form called a 1098-T that will tell you the amount you can deduct.
Unfortunately you cannot deduct the costs of your books and housing and meals.
Goodluck.
2007-03-24 13:53:59 · answer #5 · answered by Chris 3 · 0⤊ 1⤋
Why would the loan be a deduction? You receive money and pay it back. There is no tax implication on receiving, paying, or the interest on the loan.
2007-03-24 12:39:40 · answer #6 · answered by Barkley Hound 7 · 0⤊ 3⤋