I live with my sister while I'm going to college. My only source of income...or my only source of money...is from financial aid which of course goes towards tuition, books, etc. Do I need to file that in taxes/pay taxes on it? My brother-in-law says I don't have to (he knows a lot about taxes), I just want to make sure to be safe.
2007-12-31 07:48:48 · 4 answers · asked by Anonymous in Business & Finance ➔ Taxes ➔ Other - Taxes
Depends on the type of financial aid. Loans are not taxable, work study is. Grants are taxable if and only if they are more than your tuition and fees - if they cover room and board for example, that part is taxable.
2007-12-31 08:13:00 · answer #1 · answered by Judy 7 · 2⤊ 0⤋
Pay taxes on student financial aid?
http://scholarshipfaqs.net
2016-03-03 11:26:57 · answer #2 · answered by Anonymous · 0⤊ 0⤋
How much was your tuition?
How much was the financial aid?
What did the financial aid consist of?
If any of the financial aid was in the form of a scholarship, fellowship or grant and the amount exceeded your tuition--meaning it went to books, room and board and other living expenses, then that portion is taxable.
If the financial aid was in the form of loans that you must pay back, it's not income.
2007-12-31 08:00:02 · answer #3 · answered by Anonymous · 1⤊ 0⤋
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2016-11-27 01:10:03 · answer #4 · answered by ? 4 · 0⤊ 0⤋