topic If I get student loan money from school do it reduce my income tax? in Education

If I get student loan money from school do it reduce my income tax?

carla_mccrory — Mon, 18 Nov 2019 23:48:10 GMT

Re: If I get student loan money from school do it reduce my income tax?

Critter — Tue, 19 Nov 2019 00:08:38 GMT

Loans are not income and are not reported on an income tax return. Now if you pay for qualified education expenses that could be used for the Education Credits and those could reduce your income tax on your or your parents tax return if they claim you as a dependent.

Re: If I get student loan money from school do it reduce my income tax?

Carl — Wed, 20 Nov 2019 13:38:35 GMT

Borrowed money is not your money. Never was, is not now and never will be. It doesn't get reported anywhere on any tax return. Remember, you will eventually have to pay it back to whomever or whatever entity you borrowed the money from.