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February 22, 2021
Question

If i got a loan to cover my tuition do i include tuition as an expense when calculating my AGI?

  • February 22, 2021
  • 1 reply
  • 0 views
do you have any examples on how to calculate AGI?

1 reply

Hal_Al
Employee
February 22, 2021

No.

Loan money is not income*

Tuition paid is not a direct deduction.

 

Tuition paid by loan money (unlike scholarships) is eligible for a tuition credit.

 

*Loan money is not income and is not reported anywhere on your tax return.  If you are claiming a tuition credit or deduction, you report what you spent the loan money on (tuition, fees, books and other course materials).