Does financial aid, scholarships, and loans count as supporting myself with earned income?
Sign Up

Why sign in to the Community?

  • Submit a question
  • Check your notifications
or and start working on your taxes
Announcements
TurboTax has you covered during Covid. Get the latest second stimulus info here.
cancel
Showing results for 
Search instead for 
Did you mean: 
New Member

Does financial aid, scholarships, and loans count as supporting myself with earned income?

I pay for my annual expenses with a combination of financial aid, scholarships, student loans, and my part time job. How much of that counts as earned income?
1 Reply
New Member

Does financial aid, scholarships, and loans count as supporting myself with earned income?

Unfortunately, no. The IRS defines earned income as taxable income that you earned as an employee, such as wages, as well as profit that you earned from a business, if you are self employed. So only the earned income from your part time job would be considered earned income for the purposes of determining to what extent you supported yourself. 

Please refer to the following FAQs for additional clarification. https://ttlc.intuit.com/replies/5316332    https://ttlc.intuit.com/replies/4790637

Dynamic Ads
v
Privacy Settings