Skip to main content
March 8, 2021
Question

I am in college and get student loan money. Would that effect my tax return? I should be getting back more than what is showing.

  • March 8, 2021
  • 1 reply
  • 0 views
No text available

1 reply

Hal_Al
Employee
March 8, 2021

You haven't provided enough information to answer your question.

"I am in college."

There's a new urban myth among college students that says they can get a $1000 from the government just for filing a tax form. For most of them, they simply aren't eligible. A full time unmarried student, under age 24, even if you don't qualify as a dependent, is only eligible for the refundable portion of the American Opportunity Credit if he supports himself by working. You cannot be supporting yourself on parental support, 529 plans or student loans & grants. You usually must have actually paid tuition, not had it paid by scholarships & grants.  It is usually best if the parent claims that credit. 

You cannot claim a credit if you are, or can be, claimed as a dependent by someone else.

 

"I get student loan money".

Student loans are not income, for income tax filing purposes.