Deductions and credits

I’m working on my tax return and not sure how to answer: was any of (my sons name) financial aid already included as income?

posted

Some Financial Aid Assistance received by your college student is taxable and needs to be included as income.

Most of them are excluded, such as pell-grants, Scholarships, and government student loans (if this is your case, you will answer "no")

Student earnings from a work-study award are usually taxable (Earning will need to be included as income, and your answer will be "yes")

Click on the link below for additional information

Do you have an Intuit account?