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Question: Do i include loans and grants?

(Posted by: Lilly on 2012-01-26 18:51:53)

When using Turbo Tax it asks me how much money was owed to the school, and I copied that from the appropriate box, and then it asks me how much was paid. Do I include loans, grants and money out of my own pocket? If so, the amount owed would equal the amount paid, and I would just copy the number again. Does that sound right?

Posted by: Edward D on 2012-01-26, 19:07:28

Student Loan interest is. A student loan is still money used to pay for college. essentially you're paying out of pocket and you have to pay it back. collegeanswer.com/ paying-for-college/ student-loans/ student-loan-tax-deduction.aspx When you get your 1098-t it will report government grants, and the rest would be what you pay out of pocket. It will show the total amount spent. Gotta be smart you are fitting the bill with the portion that the grant or grants did not cover You don't get a deduction, but you will get a credit depending on which credit you take. Take it from a college student who missed two years of education credits because I disregarded my 1098-T. My wife and I were full-time students this year. Her school was expensive, and her loans were higher than mine. However her school provides her with a year end report of how much she took out in loans, I have to wait for my 1098-T from my school. As long as you were a full-time student, please get that education credit if you took out a loan or for any out of pocket expenses.

Posted by: tro on 2012-01-26, 18:54:42

No loans are not reportable if you got grants and used some of it for other than educational expenses(ie. room and board) that would be income to you and reportable

Posted by: Becky on 2012-01-26, 19:02:07

Only loans and money out of pocket expenses not grants