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ususally that would be no as financial aid is not considered taxable income

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14y ago

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Do you pay taxes on financial aid?

No, you do not pay income taxes on student loans because they are debt. You do however need to look into Grants as the laws are different for free money. You do not pay taxes on a LOAN, because it has to be paid back, so it is not income.


Do student loans have to be reported on income taxes?

Student loans are not reported as income on the tax return. The interest you pay on a student loan is deductible as long as you meet certain criteria such as Income limitations, use of the funds, status when loan was incurred. If funds were used for education expensed they are eligible for the education credits if you met all the conditions. For complete rules see IRS website irs.gov


Do you have to file taxes on a small rental income?

Yes. Rental income must be reported no matter how small.


How do you claim casual income on your taxes?

if the income is of casual nature (less than $3,500) and no T4 slip is issued then the income can be reported on line 104. otherwise income has to be reported on business statement T2125.


Is travel reimbursement considered income?

Yes, travel reimbursement is considered income and may need to be reported on your taxes.


Do federal student loans count as income for tax purposes?

No. Student loans are borrowed money, and is not considered "income;" therefore, you do not include them on your taxes.


Do you have to pay taxes on your non-federal student loan?

No, it is a debt not income.


How much taxes do i have to pay on 4000 dollars?

This will depend on the source of the income and what form it is reported to you on.


Can you file taxes if you are paid under the table?

No, you cannot file taxes if you are paid under the table because this income is not reported to the government.


The required form that is filed with the Internal Revenue Service showing the amount due for income taxes withheld and FICA taxes?

You file a form 1040 each year to show the amount of income and amount of taxes for each year. FICA taxes are not reported on for 1040 since there is no deduction for them or figure into your taxable amount. FICA taxes withheld are reported to the IRS via your W-2 that you receive a the end of the year which you use to report your income and income tax withheld.


Do you have to pay income taxes on an unsettled estate?

Yes, you have to file a tax return for the estate. Any income will be reported and taxed accordingly.


Do I have to pay taxes on a car I received as a gift?

If it's in your name Yes you do.-------------------------------------------------------------------------Yes, the gift is income and must be reported on both your Federal and State income taxes (Local income taxes too if you have those), if its value exceeds the gift limit.The value of a new car will definitely exceed this limit and will have to be reported. A used car may not have to be reported, if it is old enough.Check with a tax professional if you have trouble finding the gift limit to check if you must report the gift income on your returns.