Fairfax County General :
Fairfax Underground
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Welcome to Fairfax Underground, a project site designed to improve communication among residents of Fairfax County, VA. Feel free to post anything Northern Virginia residents would find interesting.
Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:/:/:/:/:
()
Date: April 29, 2019 09:52AM
Doing 2018 taxes (on an extension) for our adult child (grad school). The college sent us a tax form showing that she took out more money in loans than she needed for school expenses, which our child had to do to pay for living expenses (rent, etc.). This has generated taxable income using TurboTax, which sounds ludicrous. It was not like this in previous years. Since when is a loan taxable income? We checked with the school and they said they are required to report it this way.
Please cite sources. I am continuing to investigate.
Please cite sources. I am continuing to investigate.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
No just no
()
Date: April 29, 2019 09:58AM
You don't pay income taxes on it loan. You are probably entering it into turbo tax incorrectly.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:/
()
Date: April 29, 2019 09:58AM
Our child was given a separate accounting for the money they earned as a teaching assistant.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:
()
Date: April 29, 2019 10:15AM
Just figured out the problem. The school applied and issued the SCHOLARSHIP money given to him in two different years, creating a surplus for 2018. They refuse to correct this. There are too many cooks in the kitchen with this.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
You're screwed either way
()
Date: April 29, 2019 10:20AM
Many of the good things Trump told you his tax cuts would do are simply lies and were from the very outset.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:/:/:
()
Date: April 29, 2019 10:33AM
The problem isn't with Trump. The problem is with the school Accounting department. He can't have any IRS problems right now due to security clearance.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:
()
Date: April 29, 2019 10:43AM
Spouse thought the larger number included the loans. It was actually misapplied scholarship money. I still love you, dear.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
mgedw
()
Date: April 29, 2019 12:20PM
No just no Wrote:
-------------------------------------------------------
> You don't pay income taxes on it loan. You are
> probably entering it into turbo tax incorrectly.
This.
If the money was coming out of grants, scholarships or was coming out of a qualified prepaid college fund then the excess MIGHT be taxable income. If it comes out of a loan you are obligated to repay then it is not.
-------------------------------------------------------
> You don't pay income taxes on it loan. You are
> probably entering it into turbo tax incorrectly.
This.
If the money was coming out of grants, scholarships or was coming out of a qualified prepaid college fund then the excess MIGHT be taxable income. If it comes out of a loan you are obligated to repay then it is not.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:
()
Date: April 29, 2019 12:29PM
mgedw Wrote:
-------------------------------------------------------
> No just no Wrote:
> --------------------------------------------------
> -----
> > You don't pay income taxes on it loan. You are
> > probably entering it into turbo tax
> incorrectly.
>
> This.
>
> If the money was coming out of grants,
> scholarships or was coming out of a qualified
> prepaid college fund then the excess MIGHT be
> taxable income. If it comes out of a loan you are
> obligated to repay then it is not.
My dear spouse got the source of income wrong when he was analyzing this. I trusted him initially. Then I got things clarified via my child, who went to the Business Office at school. Made no sense, still doesn't. The Business Office messed up and should correct it, but it would take a lot of effort. Expenses incurred in 2017 had money applied that was credited to 2018, creating a surplus on paper for 2018, which looks like taxable income but really isn't. Got it? Really stupid on their part.
-------------------------------------------------------
> No just no Wrote:
> --------------------------------------------------
> -----
> > You don't pay income taxes on it loan. You are
> > probably entering it into turbo tax
> incorrectly.
>
> This.
>
> If the money was coming out of grants,
> scholarships or was coming out of a qualified
> prepaid college fund then the excess MIGHT be
> taxable income. If it comes out of a loan you are
> obligated to repay then it is not.
My dear spouse got the source of income wrong when he was analyzing this. I trusted him initially. Then I got things clarified via my child, who went to the Business Office at school. Made no sense, still doesn't. The Business Office messed up and should correct it, but it would take a lot of effort. Expenses incurred in 2017 had money applied that was credited to 2018, creating a surplus on paper for 2018, which looks like taxable income but really isn't. Got it? Really stupid on their part.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:/:
()
Date: April 29, 2019 01:49PM
Pulled the account information. Spring 2018 billed amounts were put on the 2017 1098-T. There is also an X in box 7 on the 2017 1098 showing that. The 2018 1098-T has an X in box 3 showing that the university changed accounting methods. Parents and students beware!!!!! This caused the 2018 1098-T to show $3000 more income than payments/billed amounts, which triggered a taxable surplus when there actually wasn't any.
Mom to the rescue.
Now, how we are going to explain this to the IRS......
Mom to the rescue.
Now, how we are going to explain this to the IRS......
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
Mark j
()
Date: April 29, 2019 11:27PM
Consult an accountant...
Or, is the taxes are less than $100..pay it..
Or, fight the school business office...good luck
Or, is the taxes are less than $100..pay it..
Or, fight the school business office...good luck
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
Scholar
()
Date: April 30, 2019 12:16AM
Was you child required to teach as part of the graduate programme? If so, the TA stipend is not taxable, either.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:/:
()
Date: April 30, 2019 05:40PM
I think good old Mom has identified the problem. Box 2 is now obsolete. Box 1 is supposed to include scholarships and grants paid into your account for you, as well as loans and personal payments. Refunds are taken out. The scholarships and grants are broken out in Box 8. Box 1 should be equal to or greater than Box 8 unless you received money for non-qualifying expenses, which this should catch. If Box 8 is greater than Box 1 then you have to pay taxes on the difference. This makes sense. This was actually a smart move. Score one for the IRS.
"Our" Box 1 is about $6000 less than what the student account printout is showing it should say. It is $3500 less than Box 8. Box 8 is correct. My son isn't paying taxes on $3500 if they don't have to. Over my dead body.......
Off to the Business Office. They need to fix Box 1. Wonder how many others had problems. They will feel the wrath of Mom. I am armed with documents and calculations. My child has already been there once and basically got ignored. Mom's coming along this time. Watch out.
Check your 1098-Ts folks. This was East Carolina University.
The teaching assistant money was on a separate form, BTW.
"Our" Box 1 is about $6000 less than what the student account printout is showing it should say. It is $3500 less than Box 8. Box 8 is correct. My son isn't paying taxes on $3500 if they don't have to. Over my dead body.......
Off to the Business Office. They need to fix Box 1. Wonder how many others had problems. They will feel the wrath of Mom. I am armed with documents and calculations. My child has already been there once and basically got ignored. Mom's coming along this time. Watch out.
Check your 1098-Ts folks. This was East Carolina University.
The teaching assistant money was on a separate form, BTW.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:
()
Date: April 30, 2019 06:25PM
/:/:/:/:/:/:/:/: Wrote:
-------------------------------------------------------
> I think good old Mom has identified the problem.
> Box 2 is now obsolete. Box 1 is supposed to
> include scholarships and grants paid into your
> account for you, as well as loans and personal
> payments. Refunds are taken out. The scholarships
> and grants are broken out in Box 8. Box 1 should
> be equal to or greater than Box 8 unless you
> received money for non-qualifying expenses, which
> this should catch. If Box 8 is greater than Box 1
> then you have to pay taxes on the difference. This
> makes sense. This was actually a smart move. Score
> one for the IRS.
>
> "Our" Box 1 is about $6000 less than what the
> student account printout is showing it should say.
> It is $3500 less than Box 8. Box 8 is correct. My
> son isn't paying taxes on $3500 if they don't have
> to. Over my dead body.......
>
> Off to the Business Office. They need to fix Box
> 1. Wonder how many others had problems. They will
> feel the wrath of Mom. I am armed with documents
> and calculations. My child has already been there
> once and basically got ignored. Mom's coming along
> this time. Watch out.
>
> Check your 1098-Ts folks. This was East Carolina
> University.
>
> The teaching assistant money was on a separate
> form, BTW.
Oops. Box FIVE, not Box 8. It's been a long day.
-------------------------------------------------------
> I think good old Mom has identified the problem.
> Box 2 is now obsolete. Box 1 is supposed to
> include scholarships and grants paid into your
> account for you, as well as loans and personal
> payments. Refunds are taken out. The scholarships
> and grants are broken out in Box 8. Box 1 should
> be equal to or greater than Box 8 unless you
> received money for non-qualifying expenses, which
> this should catch. If Box 8 is greater than Box 1
> then you have to pay taxes on the difference. This
> makes sense. This was actually a smart move. Score
> one for the IRS.
>
> "Our" Box 1 is about $6000 less than what the
> student account printout is showing it should say.
> It is $3500 less than Box 8. Box 8 is correct. My
> son isn't paying taxes on $3500 if they don't have
> to. Over my dead body.......
>
> Off to the Business Office. They need to fix Box
> 1. Wonder how many others had problems. They will
> feel the wrath of Mom. I am armed with documents
> and calculations. My child has already been there
> once and basically got ignored. Mom's coming along
> this time. Watch out.
>
> Check your 1098-Ts folks. This was East Carolina
> University.
>
> The teaching assistant money was on a separate
> form, BTW.
Oops. Box FIVE, not Box 8. It's been a long day.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
/:/:/:/:/:/:/:
()
Date: May 02, 2019 08:48PM
Talked to the Business office. So....ECU put billed expenses for Spring 2018 on the 2017 1098. They then switched to paid expenses in 2018 and even though the Spring expenses were paid in 2018 the payments for Spring 2018 were attributed to 2017. So, we are going to have to decide whether it is better to do amended federal and state returns for 2017 and claim all the 2018 expenses in 2018 or leave as is and pay taxes on $3500 for 2018.
Got that? This is a total mess.
Live and learn. Read and heed.
Got that? This is a total mess.
Live and learn. Read and heed.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
I did mine.
()
Date: May 07, 2019 10:20AM
FrankMeinz Wrote:
-------------------------------------------------------
> Being a student is quite expensive. And it's not
> only about your student loan payments, I also want
> to mention writing services which aren't that
> cheap now. Check out href="https://www.topdissertations.org/edubirdie-r
> eview/">https://www.topdissertations.org/edubirdie
> -review/ for example. For me it's just
> unaffordable completely. And I am quite sad about
> this fact actually.
Do your own dissertation work, asshole.
-------------------------------------------------------
> Being a student is quite expensive. And it's not
> only about your student loan payments, I also want
> to mention writing services which aren't that
> cheap now. Check out href="https://www.topdissertations.org/edubirdie-r
> eview/">https://www.topdissertations.org/edubirdie
> -review/ for example. For me it's just
> unaffordable completely. And I am quite sad about
> this fact actually.
Do your own dissertation work, asshole.
Re: Are student loans taxable income for 2018?9KW3J
Posted by:
Lisa Woods
()
Date: May 19, 2019 02:45AM
I did not have a student loan and I was lucky with my parents who saved up for my education. Fortunately, I finished my studies long ago and try not to take large loans. But from time to time I can intercept some money on the website to make urgent purchases.