Yes.
No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.
Because it is a part of the family support that helps pay some of the necessary living expenses.
Not all income tax goes to the Federal reserve but all money that goes to the Federal reserve comes from income tax.
It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.
It is clear to me that no one is thinking. How am I to go to college fulltime and have a fulltime job. If I had a fulltime job and could handle fulltime student status, I would not need your money. This has got to be the silliest thing I have ever heard. You can borrow up to $35,000 for education, but you have to have a job. If I had a job, I would not be in school and I would not need your money. What a joke.
Yes, a parent's income does count when a 17-year-old is applying for financial aid for students. The Free Application for Federal Student Aid (FAFSA) requires information about the parent's income and financial situation to determine the student's eligibility for federal student aid.
Inheritances are not taxed by the federal income tax.
If the student is under 24 at the end of the year or is totally and permanently disabled, there is no limit. But the student must not provide more than half of his/her own support. Money deposited in a savings account (for example) does not count as support. Otherwise, the student's gross income cannot exceed $3500 and the taxpayer claiming the student on their return must provide at least half of the student's support.
Federal income tax
No. Your federal tax is not deductible from your income in determining state taxable income, hence any refund of it isn't included as taxable income.
If it was a federal student loan, then yes, the collections agency could take your income tax return money. If it was a non-federal loan, then they would not be able. Secondly, federal student loans are can not be discharged, the US always gets paid even when laws are created for private businesses that disallow the same right of collections.
The state should not usually be able to take your federal student loan money. However, there might be some particular details that will cause them to take it.