I am a student and I made $600 last year according to my W-2, but I took out alot of student loans and was living off of those. Do I need to file a tax return and do I need to claim the student loans as income?
2007-04-14 05:38:48 · 3 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ United States
No to both questions. Your income is too low to require filing a federal return (you might have to file a state return, depending on your state) and loan proceeds are not taxable income.
2007-04-14 05:48:07 · answer #1 · answered by southjerzeejoe 1 · 0⤊ 0⤋
No, you don't claim a loan as income. And if you only made $600 last year, you don't have to file a return unless it was from self employment. If you got a 1099-misc showing the amount as non-employee compensation, or if the $600 was from a business you run, then you have to file.
2007-04-14 06:04:05 · answer #2 · answered by Judy 7 · 0⤊ 0⤋
Student loans are not considered income as you will have to pay that money back when you are finished with school
It does not get reported on a Tax return
2007-04-14 05:49:36 · answer #3 · answered by Rob 7 · 1⤊ 0⤋