Question About Student Loan And Filing Taxes?
I am getting a private student loan in January to help pay for my college expenses. my mom files my tax information every year since i have a job but she doesn’t know I am getting a loan. Do I have to tell her so she can put it on the papers while filing taxes or do i not have to put it in the taxes?
Any information would be helpful.
Thank you
Sharon T said
am December 23 2009 @ 1:09 am
Loans are not income for tax purposes. When you start repaying it, the interest may be deducted so she will need to know then if she is still preparing your tax return.
Depending on the amount of the loan, it may affect whether your parents can claim you as a dependent for 2009. Loans you take out count as support provided by you.
travelgu said
am December 23 2009 @ 1:56 am
Student loans are not considered taxable income since you have to pay it back.
jack bauer said
am December 23 2009 @ 7:01 am
Student loans have no bearing on income. However, the interest will be a deduction when it is paid.
beat making software said
am December 23 2009 @ 12:06 pm
You don’t report the loan on your tax return.
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am May 25 2010 @ 9:52 am
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am June 1 2010 @ 9:50 am
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