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Should I place loans/grants under the higher ed expenses?

 
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Level 15

Should I place loans/grants under the higher ed expenses?

It depends on what you are  trying to do.

You don't enter the proceeds from loans anywhere on your tax return , whether the money was sent to you or directly to the school.  You only enter the expenses you paid, regardless of how you paid them.  Any expenses paid by loans is treated as paid by you.

Grants are different. Grants and scholarships are usually reported in box 5 of the 1098-T.  By entering the 1098-T, you have already entered the grant info.  If you have grants, not shown on the 1098-T, there is a separate place in the  higher ed expenses section to enter them. 

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Employee Tax Expert

Should I place loans/grants under the higher ed expenses?

There is a place to include scholarship and grants received when you enter your 1098-T  in the education section.   You do not have to report loans until you start to repay them.  At that point, you may qualify to deduct the interest you pay from those loans.  

 

Are my grants and scholarships taxable?  

 

 

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Level 15

Should I place loans/grants under the higher ed expenses?

It depends on what you are  trying to do.

You don't enter the proceeds from loans anywhere on your tax return , whether the money was sent to you or directly to the school.  You only enter the expenses you paid, regardless of how you paid them.  Any expenses paid by loans is treated as paid by you.

Grants are different. Grants and scholarships are usually reported in box 5 of the 1098-T.  By entering the 1098-T, you have already entered the grant info.  If you have grants, not shown on the 1098-T, there is a separate place in the  higher ed expenses section to enter them. 

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Level 15

Should I place loans/grants under the higher ed expenses?

Borrowed money is not your money. It never was, is not now and never will be. You will be paying it back at some point.  Nowhere on any tax return do you report borrowed money.

If you work through the education section the way it is designed and intended to be used, it's practically impossible to miss anything. (unless you don't read the small print on each and every single screen.)

 

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