Monday, June 1st, 2009

Anyone out there that is 1) a full time student with a family 2) has received pell grants?

This tax season, are these pell grants going to be counted as income and am I going to get taxed like crazy on them or get bumped into a higher tax bracket? Potentially lose the earned income credit? Hope not.

I am a full-time college student and I have a son. I have received pell grants for the past 3 years and I know for a fact that it is not counted as income because they are strictly for school. You will not receive any kind of tax form from the state regarding the pell grant that you received either. The only tax form that you will receive that must be included with your yearly taxes is the one that you will get directly from the school that you are enrolled in. You can still claim the earned income credit just as you had before you received the pell grants.
Hope this helps!!

This entry was posted on Monday, June 1st, 2009 at 8:24 pm and is filed under Pell Grants. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “Anyone out there that is 1) a full time student with a family 2) has received pell grants?”

v b Says:
July 4th, 2009 at 11:09 pm

If you used the Pell grant solely for tuition, it’s not taxable.

If you used it for anything else, it’s taxable and increases your AGI–which would affect your EIC and possibly increase your taxes.
References :

candyxss07 Says:
July 4th, 2009 at 11:27 pm

I am a full-time college student and I have a son. I have received pell grants for the past 3 years and I know for a fact that it is not counted as income because they are strictly for school. You will not receive any kind of tax form from the state regarding the pell grant that you received either. The only tax form that you will receive that must be included with your yearly taxes is the one that you will get directly from the school that you are enrolled in. You can still claim the earned income credit just as you had before you received the pell grants.
Hope this helps!!
References :

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