When filling out taxes and the FAFSA in Texas, are federal grants and loans supposed to be reported anywhere?
I don’t know if I am supposed to report the loans and grants I’ve received as a student from the government. Any help would be appreciated.
You don’t report loans. You do have to report some grants.
Here’s what the irs says
"Taxable Scholarships and Fellowships
If you received a scholarship or fellowship, all or part of it may be taxable, even if you did not receive a Form W-2. Generally, the entire amount is taxable if you are not a candidate for a degree.
If you are a candidate for a degree, you generally can exclude from income that part of the grant used for:
Tuition and fees required for enrollment or attendance, or
Fees, books, supplies, and equipment required for your courses.
You cannot exclude from income any part of the grant used for other purposes, such as room and board.
A scholarship generally is an amount paid for the benefit of a student at an educational institution to aid in the pursuit of studies. The student may be in either a graduate or an undergraduate program.
A fellowship grant generally is an amount paid for the benefit of an individual to aid in the pursuit of study or research. ‘
Here’s the link
http://www.irs.gov/individuals/students/article/0,,id=96674,00.html
August 18th, 2009 at 12:57 pm
You don’t report loans. You do have to report some grants.
Here’s what the irs says
"Taxable Scholarships and Fellowships
If you received a scholarship or fellowship, all or part of it may be taxable, even if you did not receive a Form W-2. Generally, the entire amount is taxable if you are not a candidate for a degree.
If you are a candidate for a degree, you generally can exclude from income that part of the grant used for:
Tuition and fees required for enrollment or attendance, or
Fees, books, supplies, and equipment required for your courses.
You cannot exclude from income any part of the grant used for other purposes, such as room and board.
A scholarship generally is an amount paid for the benefit of a student at an educational institution to aid in the pursuit of studies. The student may be in either a graduate or an undergraduate program.
A fellowship grant generally is an amount paid for the benefit of an individual to aid in the pursuit of study or research. ‘
Here’s the link
http://www.irs.gov/individuals/students/article/0,,id=96674,00.html
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