Tax and student loans?
Let’s learn tax and student loans. The most accurate or helpful solution is served by Yahoo! Answers.
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I am considering getting student loans for the next 2 1/2 years. I am currently getting FAFSA, but that barely covers tuition. Will a loan affect how much I can get from FAFSA? I have also been told that I have to claim the loans on my tax returns. Is this true, and if so, do I actually have to pay taxes on the loans? I was assuming that, since you have to pay the loan back, it wouldn't count as income. Is there anything else I should know before applying that would affect my taxes? I would appreciate...
Answer:
First, you don't receive financial aid from FAFSA. The FAFSA (Free Application for Federal Student Aid...
jennifer... at Yahoo! Answers Mark as irrelevant Undo
Other solutions
Hi, I have fallen behind on my student loan payments (I wish I had never applied for a student loan at all!!). I have every intention on making the payments I owe to my student loans and if I can't do that before I get my tax refund, I will definitely...
Answer:
Once you are in default, any tax refunds can be offset. You are in default if you have not made a payment...
Z at Yahoo! Answers Mark as irrelevant Undo
My federal tax refund has been withheld every year for the past 6 years because my student loans are in default. That's over $5000 a year that's been applied to my loans, plus the $1200 from my stimulus payment that was offset. Why are my student loans...
Deena at Yahoo! Answers Mark as irrelevant Undo
I was put on my mothers income tax as a dependent, yesterday she got a notice saying they are taking out $2,800 for student loans. I have student loans but so does my mom and it didn't say specifically who, my question is can they take out money if the...
Answer:
The money is for her student loans. The IRS won't offset a person's tax refund for debts owed by their...
kannibal... at Yahoo! Answers Mark as irrelevant Undo
Tax Question. If student Loans are deductible, Then would a loan Outside the Federal stafford student loan program would be qualified student loan if funds was used for education expenses during the time of the academic period? IE if i gotten a loan...
Answer:
Student loans are not tax deductible. You can use loans to cover college expenses for education tax...
Harlan P at Yahoo! Answers Mark as irrelevant Undo
I just finished my B.A. in the spring in 2011 and will be claiming my tuition on my 2011 taxes. I am confused because I initially used student loans to cover the $4350 spring tuition bill, but about mid-way through the semester I received a $4000 scholarship...
Answer:
if I understand, you returned the $4000 scholarship? if so the money of the loan that was paid for tuition...
likeag6 at Yahoo! Answers Mark as irrelevant Undo
I didn't know you could/couldn't claim taxes with student loans. This is technically my first year dealing with taxes and I use turbotax. I been paying student loans since April 2011 and I got a letter from fedloan saying my tax info was ready. I went...
Answer:
It's a deduction, not a credit. Are you using tax software? When it asks if you paid student loan interest...
RAWRxx at Yahoo! Answers Mark as irrelevant Undo
Tax Filter: Why would the fact that I paid interest on student loans last year mean I owe the IRS more money? I was doing my taxes on TurboTax today, and I have two 1098-E forms which say that I paid a total of $1,700 dollars in interest last year on...
abbyladybug at Ask.Metafilter.Com Mark as irrelevant Undo
Hi. If you have a tax free savings account and you apply for student loans in Canada, does the government know (without you telling them) how much money you have in a tax free savings account when you apply for student loans in Canada?
Answer:
If your morals are such that you need paranoia to do the right thing, we can help you out here. The...
jason k at Yahoo! Answers Mark as irrelevant Undo
Canada tax help I recieved a statement for my student loans and i was curious to know if i have to put the amount of the loan in my income tax return somewhere. This is the first year im doing my taxes and i cant figure this out. I know if you start...
Answer:
No. Your school will send you (or make available for you to print out in some cases) a T2202A slip that...
ClownPri... at Yahoo! Answers Mark as irrelevant Undo
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