Do i need to claim college loan as income

Before you begin entering amounts for students loans or lines of credit into your tax return, it's important to understand that these amounts aren't considered income. As such, you can't claim these amounts in total.

However, you can claim the interest paid on a student loan as a deduction to help lower your tax balance owing. Once your tax owing is reduced to zero, any leftover interest you paid can be carried forward to future tax years (for up to five years). You may only claim the interest paid on your student loans, even if someone else paid the fees. Any interest paid on a student line of credit can't be claimed.

For more information read the TurboTax FAQ: How do I report student loans or a student line of credit? 

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