I filled out my girlfriends taxes. She received financial aid last year and I was under the impression that the money received from financial aid did not fall under the category of income when filing a federal tax return. Can anybody help?
If you received financial aid in the state of california do you have to report that as income on your taxes?
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2 Responses to If you received financial aid in the state of california do you have to report that as income on your taxes?
no, it is not considered income.
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NO. That’s not considered income. But if you claim education deduction, you have to subtract financial aid money from the total school expense, so you are actually entering how much you actually pay from your pockets . So in the end, although you don’t need to claim financial aid as income, it is taken care of in the tax return process, as reducing your deductible.
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