![Do i have to write my financial aid out in my taxes?]() |
Question: Do i have to write my financial aid out in my taxes?
(Posted by: on 2010-08-23 20:10:42)
I know its not for like another 5 months or 6 months till its tax time but I wanted to get the question answered now so i know ahead of time. i'm recieving Financial aid from my college a quarterly check of $1338, from the pell grant i believe it was, I get tuition assitance which i was told adds $1338 to my account applying a $1338 credit on my account and a few weeks after processing a check gets mailed to in the total of $1338. Is this taxed previously before mailing to me or will i have to take the extra steps in adding it into my taxes as taxable income at the end of the year? ontop of this I also get my MGIB- SR the GI bill.. for selective reserve in the amount of $149 a month, is this taxable? Is this taxed already? or do i have to write it all off at the end of the year? thanks for all tips I just don't want to end up oweing a butt load of money and not have it because i wasn't prepared. what are the tax rates again? if it is taxable like what percentage a month should i take out of it to set aside making sure i have enough to pay my taxes if needed... i live in Stockton California just so you know... |
