What are allowable college student tax deductions?
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I'm trying to file my taxes as a college student, and i'm not sure if i can put down the amount of money i received from a Stafford Loan as a deduction. My mother has claimed me as an exemption, but didn't claim any education credit or student loan. As a student, can i claim education credits or add the amount of the loan for a deduction?
What are allowable college student tax deductions?If your mother claimed you as a dependent, you cannot claim the education credits.
What are allowable college student tax deductions?Why would the loan be a deduction? You receive money and pay it back. There is no tax implication on receiving, paying, or the interest on the loan.
What are allowable college student tax deductions?The loan isn't a deduction, but amounts paid for tuition and fees are eligible for a credit, whether they're paid in cash or with a loan. Since you are a dependent of your mom though, she gets the credit, you don't. If she didn't claim the credit, she can file an amended return and claim it.
What are allowable college student tax deductions?If your mother has claimed you as a dependent then you cannot claim education credits, only she can. And also, you wouldn't be claiming monies received from a loan as a deduction. The only deductions would be the college tuition and fees, and also interest when you start paying on any student loans.
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