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Is Financial Aid considered part of my daughter's gross income?

 
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1 Reply
Carl
Level 15

Is Financial Aid considered part of my daughter's gross income?

It depends. Does your daughter qualify as your dependent?
If the student is:

Is under the age of 24 on Dec 31 of the tax year and:

Is enrolled in an undergraduate program at an accredited institution and:

Is enrolled as a full time student for any one academic semester that begins during the tax year, (each institution has their own definition of a full time student) and:

the STUDENT did NOT provide more that 50% of the STUDENT’S support (schollarships/grants received by the student ***do not count*** as the student providing their own support)

Then:

The parents qualify to claim the student as a dependent on the parent's tax return . Period, End of Story.

Weather the parent actually claims the student as their dependent does not matter. All that matters is if the student "QUALIFIES" to be claimed as a dependent.

 

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