Posts tagged ‘debt’

For tax year 2009 (filing next month) on requests for education costs …?

For this year, I received financial assistance in the form of Pell grants, other grants, and then the student loans. I think I can claim all expenses covered my student loans. I do not know if it's 100% legal, and I do not want to try to trigger something that would make me a audit. Now if I can, how would I go about putting that on my taxes, with all grants and loans I had. I use taxact.com usually my primary deposit of the tax system. Please help, I'm a little lost on this issue.

Loans students – you need to pay – are considered expenses you have paid and are eligible for credits or deductions (According to the most appropriate to your situation). What you have to do is show your total expenditure, lower grant amount, the balance is what you are eligible to claim.