Skip to main content
January 25, 2025
Question

Deductions and credits

  • January 25, 2025
  • 1 reply
  • 0 views

I’m working on my tax return and not sure how to answer: was any of (my sons name) financial aid already included as income?

    1 reply

    January 26, 2025

    Some Financial Aid Assistance received by your college student is taxable and needs to be included as income. 

    Most of them are excluded, such as pell-grants, Scholarships, and government student loans (if this is your case, you will answer "no")

    Student earnings from a work-study award are usually taxable (Earning will need to be included as income, and your answer will be "yes")

    Click on the link below for additional information

     

    How to Report FAFSA College Money on a Federal Tax Return