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You don't have to list any educational expenditures if you don't want to; it's actually an entirely optional process. But you may want to do so voluntarily, especially if you may be eligible for a tax benefit (a credit or deduction).
To the extent that your tuition and fees were paid for by grants and scholarships, these funds cannot be counted toward your educational expenses (although you would have to enter the data for them in the educational expenses section of TurboTax, in listed on Form 1098-T, so that the tax forms will calculate correctly).
To the extent that you used borrowed funds (FASFA arranged student loans, for example) to pay for school tuition and fees, then that money is considered just the same as your own for purposes of calculating the educational tax benefits for which you may otherwise be eligible. The reasoning in the tax law for this is that, since the borrowed funds must eventually be paid back (just like a business loan), then the money is considered yours as you spend it . . . in this case on school tuition and fees.
Of course, your own purely out-of-pocket money paid toward tuition, fees, textbooks, etc. can count as well.
You don't have to list any educational expenditures if you don't want to; it's actually an entirely optional process. But you may want to do so voluntarily, especially if you may be eligible for a tax benefit (a credit or deduction).
To the extent that your tuition and fees were paid for by grants and scholarships, these funds cannot be counted toward your educational expenses (although you would have to enter the data for them in the educational expenses section of TurboTax, in listed on Form 1098-T, so that the tax forms will calculate correctly).
To the extent that you used borrowed funds (FASFA arranged student loans, for example) to pay for school tuition and fees, then that money is considered just the same as your own for purposes of calculating the educational tax benefits for which you may otherwise be eligible. The reasoning in the tax law for this is that, since the borrowed funds must eventually be paid back (just like a business loan), then the money is considered yours as you spend it . . . in this case on school tuition and fees.
Of course, your own purely out-of-pocket money paid toward tuition, fees, textbooks, etc. can count as well.
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