2479650
turbotax icon
cancel
Showing results for 
Search instead for 
Did you mean: 
Announcements
Close icon
Do you have a TurboTax Online account?

We'll help you get started or pick up where you left off.

I dropped out of school and i havent paid it back yet but i owe the school 2000 from where i recievied grants and loans so exactly how would i file that in my taxes?

 
x
Do you have an Intuit account?

Do you have an Intuit account?

You'll need to sign in or create an account to connect with an expert.

3 Replies
AmyC
Expert Alumni

I dropped out of school and i havent paid it back yet but i owe the school 2000 from where i recievied grants and loans so exactly how would i file that in my taxes?

Student loans where you paid interest are deductible on your return. Since you have not paid back anything, you have not paid any student loan interest and have nothing to put on your return. Regular loans are not a part of your tax return. 

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

I dropped out of school and i havent paid it back yet but i owe the school 2000 from where i recievied grants and loans so exactly how would i file that in my taxes?

Thank you for that info but I was more curious about the part of the $2000 that I have to pay back that come from grant money. Because grant money you do have to put on your tax forms. But if I have to pay it back would it be the same as loans and basically I don't need to even include that school on my taxes because it would cancel itself out or what?

Hal_Al
Level 15

I dropped out of school and i havent paid it back yet but i owe the school 2000 from where i recievied grants and loans so exactly how would i file that in my taxes?

Your grant has been converted to a loan. So, it is no longer tax free assistance.  You may claim a tuition credit based on the amount that was paid for tuition, even though you didn't complete the courses.

 

 Did you get a form 1098-T from the school?  What was in box 1 and box 5?

Unlock tailored help options in your account.

message box icon

Get more help

Ask questions and learn more about your taxes and finances.

Post your Question