What do I need to know about financial aid and tax reporting?
An example of an AI chatbot conversation about financial aid and tax reporting.
What do I need to know about financial aid and tax reporting?
When you receive financial aid, it can affect your tax reporting. Generally, scholarships and grants are not taxable if used for qualified expenses.
Are there any specific forms I need to fill out?
Yes, you may need to fill out the IRS Form 1098-T, which reports tuition payments and scholarships.
What if I used the financial aid for non-qualified expenses?
If you used financial aid for non-qualified expenses, that portion may be taxable, and you should report it as income.
Can I deduct any of my education expenses on my taxes?
Yes, you may be eligible for education tax credits like the American Opportunity Credit or the Lifetime Learning Credit.
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