Tax question related to College?
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I went to college for halftime to fulltime in 2011. My scholarships, and grants are more than my tuition, and expenses. I did however pay $300-$400 on a subsidized loan. Woild I still be eligible for any credits? I am married filing jointly.
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Answer:
if you received money that you didn't use for education it is taxable income to you and since you didn't actually pay for the education expenses, you don't have any claim the loan interest will be reported to you which is deductible(not the payments)
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