Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

Can I claim my finacial aid on my taxes and get money back?

I started back to school this year and received financial aid plus a stafford loan and was wondering if I can claim that and get money back because of it. I don't work but my husband does and we have two kids so I was wondering if anyone else claimed finacial aid or loans on their taxes and if there are any special forms that i have to get..thanks

Answer Question
 
Tamarock

Asked by Tamarock at 7:23 AM on Jan. 12, 2009 in Money & Work

Level 1 (0 Credits)
Answers (9)
  • go ahead and claim for money that was already given to you.
    Anonymous

    Answer by Anonymous at 7:42 AM on Jan. 12, 2009

  • You can't claim money unless taxes were taken out, which they weren't. So, no, financial aid isn't NOT taxable income. Sorry. You are probably eligible for the HOPE education credit. Look into that.
    Anonymous

    Answer by Anonymous at 8:25 AM on Jan. 12, 2009

  • NO, it's financial aid, not income.
    Anonymous

    Answer by Anonymous at 9:30 AM on Jan. 12, 2009

  • Financial aid is not income. It will however, reduce any qualified tuition/fee payments you made. You will recieve a form from the school giving total qualified tuition payments and any qualifed scholarships that may reduce it. Please refer to irs.gov for more detailed information.
    Anonymous

    Answer by Anonymous at 9:41 AM on Jan. 12, 2009

  • I'm an accountant. You cannot claim financial aid (grants or state aid), but any loans you have, you can claim that money, because you will have to pay it back. You need to request a special tax form from your school (it is called differant things depending on the state). You might get some money back, it all depends on how your payments are used and disbursed.
    MamaPeanut

    Answer by MamaPeanut at 10:28 AM on Jan. 12, 2009

  • mamapeanut: Why would you claim loans. Loans are liabilities and not income. They will be paid back,but repayment does not provide any tax beneifts to offset any income claimed. I am also an accountant and have not seen an instance where loans have ever been claimed as income. Nor have I seen an instance where additional income would want to be claimed. (perhaps just due to the clients at my office). Please let me know your reasoning for the loans. Thanks!
    Anonymous

    Answer by Anonymous at 1:09 PM on Jan. 12, 2009

  • You get to claim any interest that you pay on student loans. You will also get a tax break for being a college student.
    Magpie75

    Answer by Magpie75 at 12:03 AM on Jan. 13, 2009

  • I didn't write this so that ya'll could bash me for being money hungry or anything...I was just asking because someone had told me that I could claim it and i was wondering if they were blowing smoke up my you know what or whatever.....
    Tamarock

    Answer by Tamarock at 7:38 AM on Jan. 13, 2009

  • This is a good question to ask because I hadn't even thought of it.
    My husband and I are both college students with student loans. One of his we had started to pay on, but it was deferred when his new courses began.
    Since it was such a small amount that we paid back ($13 per month for a few months) I guess we don't need to worry about any forms.
    Do we really get a break for being college students even if we are/were employed?
    PrydferthMenyw

    Answer by PrydferthMenyw at 8:33 AM on Jan. 16, 2009

Join CafeMom now to contribute your answer and become part of our community. It's free and takes just a minute.
close Cafemom Join now to connect to other members! Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN