my 18 yr old daughter is attending?
2012-02-01 4:19 pm
an accredited medical institute. she received a pell grant for $5,000 and a student loan also around $5,000, does the irs consider those taxable income, will she have to pay income tax on those, she had no other income? thanks....
回答 (3)
2012-02-01 4:45 pm
✔ 最佳答案
Loans are never taxable income because you repay them later.Grants are ONLY taxable if the grant is for more than the amount of the qualifying expenses. if her tuition, fees, and price of required books & materials adds up to more than her $5000 grant, then its not taxable at all.
Any education expenses paid with a student loan can be used to qualify for the education credits. If you claim your daughter as a dependent then you claim those credits on your tax return, even if the loan is in her name.
2012-02-02 12:37 am
no
2012-02-02 12:38 am
Only the portion of the pell grant (if any) in excess of qualifying educational expenses would be considered taxable income. Student loans are never considered taxable income.
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