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Do I have to include financial aid on my taxes?

When filing my taxes , do I have to include the financial aid I received for this year?
I also receive SSI for my daughter. Does that need to be included as well?

As an FYI, the financial aid (in grant or scholarship form) used to pay for living expenses will be taxable income, but it won’t be considered earned income unless you received a W-2 for it.

Financial aid in the form of loans isn’t income.

This entry was posted on Tuesday, December 29th, 2009 at 7:16 am and is filed under financial aid. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

3 Responses to “Do I have to include financial aid on my taxes?”

  1. What kind of financial aid?

    Scholarships used for tuition and fees isn’t reported. However if you use it for anything else such as living expenses then it’s income.

    Public assistance such as TANF, Food Stamps, Section 8 housing assistance, etc. isn’t taxable.

    SSI is never taxable; you don’t report it on your return or your daughter’s return.
    References :

  2. Loans, no. Worrk study, yes. Grants and scholarships, only if they were used for something other than tuition and fees – if you used them for living expenses or something like a car, then yes they must be reported, and are taxable.

    The SSI is not reportable on a tax return.
    References :

  3. As an FYI, the financial aid (in grant or scholarship form) used to pay for living expenses will be taxable income, but it won’t be considered earned income unless you received a W-2 for it.

    Financial aid in the form of loans isn’t income.
    References :

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